Construction Estimating

Whether your planning a home extension, building a new home or project managing a construction venture, you need to know how to estimate construction costs. Doing the necessary calculations doesn't have to be a challenge if you follow some basic guidelines. The success and failure of the project requires that you adequately scope and bound the cost framework and manage the project to bring it in on time and on budget.

The first requirement before you even consider how to price construction is to have the plans drawn up for the venture. This plan will take into consideration the dimensions of the land you are building on. The plan provides the background information for assessing the materials and labor that will need to be determined.

You will then need to determine the materials for the foundation, footings and base for the floor. The external construction consists of the walls, roof framing, roof cladding, external and internal walls, linings and windows. You will need to compile a separate list for these items. Additional pricing will be required for doors, cupboards, moldings, plumbing, drainage, electrical wiring and fittings, doors, cabinets, chattels, fixtures, moldings, plumbing, drainage, garden landscaping, carpentry, brocks and weatherboard.

You can get quotations for each of the above. You will then need to get pricing for specialized labor. You will need to determine how many contractors you may want to work with. Your options include hiring a single firm to build the general project or subcontract the work out to individual trade specialists. If you are subcontracting you will need to get quotes for the work estimate. You should consider getting multiple quotes to determine realistic estimates. Research indicates that the final build price of ventures can exceed initial estimates by 20-30%. You should allow some latitude for cost and budget adjustments.

The total construction cost will be equal to the cost of the materials and the contractors (labor) costs. You will also need to provide building estimates for building permit fees, architectural fees, legal costs, insurance and financing fees.

You should be aware that supervising subcontractors is time consuming and challenging. You should factor in the time involved and determine whether you have the necessary expertise. You are also required to comply with building regulations which will require the appropriate signs offs. If you are proficient at project management and have the savvy, it is not too difficult to work out how to estimate construction costs for your venture.

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