5 Factors That Could Blow Up Your Dental Practice Construction Budget
Posted in Useful Tips.
Each of these five elements have the potential to balloon your entire construction budget. Learn about these major dental practice construction budget factors to effectively prepare yourself. Staying within budget requires careful planning, which starts with knowledge. Find out what the five budget-busting components are below.
1. Square Footage
The larger the space, the higher the cost. More square footage will equal more materials and more time needed to complete the project. If you’re on a tight budget, aim for a smaller blueprint and make floorplan decisions that maximize the space.
However, going smaller isn’t always the answer. In dental practices and many other medical facilities, the number of operatory chairs will greatly affect future profitability. It may be worth spending more money upfront to add more operatory chairs to your practice.
2. New Vs. Existing Structure
Deciding to build a custom practice from the ground up or renovating an existing building can drastically impact your budget. New builds offer unlimited customization – but come at a higher cost.
Consider these additional expenses:
- More construction materials
- Permits to develop the land
- Civil engineering costs
- Setting up public utilities and storm water drains
- Time = money, and building new takes longer
To keep costs lower, consider a renovation instead.
3. Your Scope and/or Specialty
Different doctors will require different floorplans and equipment. Your construction budget will be dependent on the future function of your practice. A dentist and an orthodontist will need distinctive types of offices for their specialties. If you need to do surgeries or more intensive procedures, the larger scope of your practice will impact the budget as well.
4. Your Desired Finishes
What do you consider a nice finish? This is a common factor in all construction projects, not just medical practices. You may prefer a more expensive material for your countertops. You may choose more expensive lighting options. All of these finish choices will influence the total budget.
Real Services Expert Tip:
Be open about your budget with your contractor. They will be able to help you determine what choices to make that will ensure you remain within your budget. At Real Services we call this strategy Value Engineering.
5. Exterior Projects
Budgeting for an interior renovation is one thing, but you also have to account for any exterior changes that may be needed. The façade and signage of your practice can have a huge impact on patient comfort and retention. If your budget is limited, it may help to find a site that doesn’t require many exterior projects.
Have Questions About Budgeting?
Leave them in the comments below! Or consult with one of our experts to draw up some estimates.
Read our FREE Guide to Building a Dental Practice.
We understand how overwhelming this entire process can be. That’s why we created a guide that breaks down the major steps involved in a dental practice build-out. Read the guide now!