The construction industry has been one of the major beneficiaries of ongoing advances in technology.
Indeed, there are currently a wide variety of technological applications which do not only aid design and visualisation of Build to Rent (“BtR”) properties, but also can review and examine the practicalities of any new building. In addition, and equally as importantly, such applications can help focus on budgeting and constructions costs.
Applications such as Building Information Modelling (“BIM”) enable investors and developers of BtR projects to ensure such projects are built more effectively and efficiently, possibly bringing them to market quicker, but also making sure that the final “product” meets changing market demand.
Given that the BtR sector is a huge, evolving growth market and demands from the end-users or tenants are likely to change, it’s more important than ever to ensure that construction is on time and on budget.
So, what is BIM?
BIM is an intelligent 3D model-based process that gives architecture, engineering and related construction professionals (often called “AEC”) the tools and insights to be able more efficiently plan, design, construct, and manage both infrastructure projects and buildings such as BtR projects.
BIM helps to create and manage information on a construction project across the project lifecycle from inception through the design stage and during construction. It can also play an important role later in the investment cycle once the building is operational.
With so many different professionals involved in a BtR project, such as architects, interior designers, quantity surveyors, project managers and construction personnel, BIM can help make life easier for all parties.
It provides information modelling and information management in a collective team environment. One key objective of BIM being to ensure that all team members have access to the same information and are working to the same standards as one another.
What are some of the capabilities of BIM?
BIM is used to design, record and document building and infrastructure designs, with the objective of creating a virtual model of the proposed BtR development before construction commences.
Every detail of a building can be modelled using BIM and then the model can be used for analysis to explore design options and to create visualisations that help stakeholders understand what the building will look like before it’s built.
Although BIM is primarily used as a construction clash detection system, it can also be a lot more useful when considered and used with other aspects of the BtR building development cycle.
For example, not only can the building design be studied but also the efficiencies and practicalities of, for example, floor plan layouts, fire escape routes, or heating and ventilation systems, the effect of wind and weather on the building material and fabrics.
Furthermore, ongoing operating costs can be identified and potential maintenance issues addressed at the design stage. The savings in costs and time is potentially enormous and the risks of making serious errors due to unseen or unexpected design flaws or ongoing maintenance problems can be dramatically mitigated.
Some of the other, more specific capabilities of BIM in BtR development include:
- Facilities management
For investors BtR’s primary may be to identify areas where operating costs can be reduced. For example, a BIM model can show exactly how a building will operate once built and, perhaps more importantly, where inefficiencies may occur. This may be in areas such as heat loss or retention, or in terms of the cooling (air-conditioning) capabilities.
Costs of ongoing management and maintenance of a BtR building are often overlooked or underestimated. To be able to model costs and life expectancies at the outset can help generate more accurate returns on investment figures.
- Building materials and life-span review
A BIM model can help review the longer-term performance of specific materials within a development and observe how they may perform in certain weather conditions (rain, wind, snow). Such conditions may be general to the region or specific to the location or site (if it is particularly exposed, for example).
Accordingly, BIM can assist the architectural and design team in selecting appropriate materials within a development that are more suitable for the required tasks but also eco-friendlier. To be able to prolong the economic life of a building using knowledge at the design stage will be a major boost for investors.
- Clearer understanding of any on-site issues may occur
As with many other investors, financial investors in the BtR sector are constantly looking at returns on investment (“RoI”) and internal rates of return (“IRRs”) of the project in order to maximise profits/returns.
Final thoughts
Financial models for new developments have long been in use to enable investors and developers to analyse the feasibility of a BtR project. But to be able to see and study a virtual building that will allow stakeholders to review not only the design integrity but identify potential problems with the design, materials and construction timeframe in advance is of significant value.
Indeed, BIM can be a “game changer” for developers of BtR projects if utilised correctly. It can help in reducing the payback period of the investment, decreasing operating costs and reducing upfront development cost—with the primary objective of maximising profits, but also creating a trouble-free investment for the long term.
Although the process of implementation can sometimes be difficult, by truly understanding the value and committing fully to the BIM process, this can overcome any major barriers to more widespread use of such tools in BtR projects.
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