What you need to know about Construction Estimates

 


Construction cost estimates provide a framework for developing budgets and bids for construction projects. It is important for owners to obtain rough and detailed estimates in order to assess the feasibility of their projects and determine how much financing they will need.

Your project management and estimate techniques can significantly affect the accuracy of your construction budget. By gathering a budget early on, you can determine whether the project will provide the homeowner with a satisfying result and if you will be able to make money from it.

If you have a lot of information and data about a project, there are many ways to estimate costs. A construction bid document can provide detailed line item estimates, as well as preliminary estimates based on past projects. Estimates range from ballpark figures to well develop proposals used to create formal bid estimates and contracts with customers.

Different Materials of Construction Estimates

Accuracy

It is important to make sure the design documents contain sufficient information to ensure the accuracy of the construction estimate. Various levels of document completion contribute to contractor estimates.

The accuracy of the estimates increases as the project develops. There are several types of estimates based on the level of accuracy required, including magnitude estimates, feasibility estimates, preliminary estimates, and definitive estimates.

Data Sources

Data on cost estimates can be gathered from three different sources. An estimate based on unit costs provided by a third party or a contractor's internal data is a parametric estimate.

By calculating the unit cost based on the direct construction cost, including materials and the quantity of work required, the project's overall cost can be estimated.

Secondly, expert judgment is provided when a building expert determines the project's cost.

The third type is an analogous estimate, where the current project is compared with a similar project and the information from the similar project is used to generate the current estimate.

Estimating Technique

A project estimate can be created in two ways: top-down and bottom-up. According to a top-down estimate, the project's estimated cost is determined and costs are distributed based on that estimate to each task.

An overall project cost is determined by summing the costs of each specific task down to the total. Using takeoff software, you can complete a bottom-up estimate that is the most detailed and accurate.

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