Constructing a bridge is expensive! Even residential bridges cost a good amount of money. Finance is important when looking to build a bridge around your home or community. So how can you finance bridge construction?
Let’s look at what determines the cost of a bridge and possible ways to finance it. Would you need to get a small size loan from lenders like Monetti or look for other means of funding?
A Brief Overview
You should budget a good amount of money for the construction of a basic bridge for personal use. A bridge intended for general pedestrian traffic may cost a lot. It will be about a quarter of a million if valued in dollars.
A larger bridge for a road might potentially cost tens of millions or more, depending on its size and construction materials. The type of materials used, the size of the bridge, and its design all have an impact on construction costs. If a wooden bridge is built at the back or front of your home, it will cost less than concrete and iron.
So, the cost of building a bridge depends on a number of factors. We’ll discuss the costs associated with building various types of bridges as well as the variables that influence those prices.
Pedestrian Overpass
In general, pedestrian bridges are designed primarily for foot traffic. Small bridges in parks to enormous boardwalks that can carry a large number of people and structures are all included in the category of pedestrian bridges. Due to the wide range of forms, sizes, and shapes, pedestrian bridge prices are highly variable. This type of bridge that can comfortably hold between 10 and 20 people at once should cost at the very least $250,000 if standard bridge construction materials are used. Viaconto personal loan might not be sufficient for this kind of project since it is designed for small businesses and personal use. A community contribution or grant is recommended for projects that cost this much.
Landscape expenses, labor charges, and permits all add to the cost. For example, land permits can cost a bit but not as much as the amount needed for construction.
The Type of Material
Take note that the material of choice will greatly impact the bridge’s total cost. Concrete, steel, and wood are the most popular materials used for the construction of bridges. Typically, wood has the lowest initial cost of any material. A bridge made completely of wood will regrettably require ongoing repair. However, it’s economical to build and maintain. In fact, a loan from Vivus can cover the cost.
However, a bridge made from steel may not require repair or reconstruction for a longer period. Steel is sturdy and long-lasting but also heavy and prone to corrosion. A steel bridge may be more difficult to build depending on where it is located since it needs to be built using heavy machinery. Costs go up because it becomes logistically difficult for heavy vehicles to access paths that are farther away.
Alternative Economical Material
A bridge can also be constructed using aluminum. Aluminum is sturdy and resistant to corrosion. Although it is less heavy than steel, heavy machinery is still needed. The downside is cracking. After some years, cracking is a potential risk with aluminum. Shiny aluminum is not often desired for a pedestrian bridge’s aesthetics.
Another material is polymer reinforced by fiber. It is a strong, lightweight, and low-maintenance material for building the bridge. Although bridges made with this material may be costly, they are the least expensive in the long run because of their extended lifespan. A bridge constructed with polymer has a design life of 100 years before needing repair or replacement.
The Role of Size and Intended Use in Finance
Construction cost is heavily influenced by the type of material chosen and the quantity required. Mandatory environment is equally important. An understanding of the environmental limits will determine things to be incorporated into the bridge design. You might need to perform a geotechnical analysis or a flood study of the area to fully comprehend what is needed.
Seas and Waters
Regardless of size, the expense of building the bridge over a body of water will affect the design. The cost of constructing a bridge is ultimately determined by the size of the bridge, the material chosen, safety considerations, labor needs, and other connected expenditures. Because they are typically built in space, bridges are highly expensive to build. It is necessary to create anything with better structural safety standards than something that is lying on solid ground with nothing but a structure or solid ground underneath it because it will be suspended over open air, water, and other risks. As a result, the building requires more materials, more engineering, and pricier construction methods.