COST ESTIMATION
Construction cost estimating forecasts the expenses of building a structure, helping to manage budgets and avoid cost overruns.
Understanding Cost Estimating
Construction cost estimating is the process of forecasting the cost of building a physical structure. Of course, builders and clients both worry about the financial impact of cost overruns and failing to complete a project.
Clients considering large projects often seek multiple cost estimates, including those prepared by contractors and those calculated by independent estimators.
Project owners use cost estimates to determine a project’s scope and feasibility and to allocate budgets. Contractors use them when deciding whether to bid on a project. You usually prepare estimates with the input of architects and engineers to ensure that a project meets financial feasibility and scope requirements.
Different Types of Construction Cost Estimates we offer
1. DESIGN ESTIMATES:
Design estimates include screening (order of magnitude) estimates, preliminary (conceptual) estimates, detailed (definitive) estimates, and engineer’s estimates. These estimates run parallel with the planning and design of a project.
- • Design Estimates
- • Screening estimates
- • Engineer’s estimates (based on specifications and architectural plans).
- • Preliminary cost estimates
2. BID ESTIMATES
Bid estimates are submitted to the investor for purposes of competitive bidding or general negotiation. These estimates consider the direct construction cost including field supervision, as well as a markup to cover general overhead and profits. Direct construction costs include subcontractor quotations, quantity takeoffs, and construction procedures.
3. CONTROL ESTIMATES
Control estimates are used throughout a project to monitor costs. A control estimate establishes the budget estimate for financing, the budgeted cost before construction, and the estimated cost of completion during an ongoing project.
- • Budget cost estimate for financing purposes.
- • Budgeted cost after assigning to contractor but before construction.
- • Estimated cost of completion during ongoing construction.
The Requirement for Construction Cost Estimation Services
- • Building Cost Estimation.
- • Residential Construction Cost Estimation.
- • To estimate project construction budgets.
- • To establish financing requirements.
- • To establish benchmarks for a construction bid.
- • Establish whether a proposed new construction plan is profitable or not.
Residential Estimates
Commercial Estimates
Civil Estimates
Industrial Estimates
MEP Estimates
Masonry & concrete Estimates
Other Specialty Estimates
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