If you have not thought about a construction estimate for your new project, now’s a good time to start. The objectives have always been very clear in construction, regardless of the project size, duration, and/or design: turn your vision into reality and accomplish the goals you’ve set for your project.
But before you get excited, make sure you’ve outlined all the necessary steps to execute your project. You need to check real-world finances and do your due diligence to determine the feasibility of your project. This is where getting an accurate cost estimation comes to play.
What is a Construction Estimate?
Whether you’re looking to build a new establishment or renovate a space, getting a cost estimation should be one of the first things in your pre-construction checklist.
Construction estimating is the process of forecasting the expense of a physical structure. This is where you get an in-depth description of the costs to be incurred to complete your project.
What most clients are not aware of is that there are tangential costs beyond the scope of craftsmen and materials needed to complete the job. There are instances where clients overlook land acquisition costs, or even how weather conditions may impact the duration of the project. Locations that experience severe climates experience more delays and gain more cost-overruns as compared to other areas with predictable weather.
Estimators are capable of providing accurate estimates based on a number of factors including construction materials, labor, project duration, locations, building codes, special equipment and machinery, and even soil condition at the job site. Since these directly affect the total costs, you will need to compile data on these components to make an informed decision whether you would push through with your project or not.
Other factors estimators take into account are the availability of utilities such as water, gas, electricity, and sewer, as well as surface topography, drainage, and other specific materials required. If you’re planning to build an eco-friendly establishment, the project requires green materials that would likely cost more than standard ones but with the benefit of reduced operating costs down the road.
Availability of materials should also be considered as there are some items that you need to pre-order.
Getting Help from a Qualified Estimator
While the budget isn’t always the primary concern for companies looking to start a new construction project, it would be rather challenging to identify whether or not their spending cap is enough to actualize their vision without an accurate and well-researched cost estimate.
Construction estimate is one of the most important criteria used in hiring a general commercial contractor. Therefore, it needs to be as accurate as possible. Otherwise, if worst comes to worst that the project exceeds the scope of an estimate, you will need to find a way to pay for the additional expenses or adjust the initial design plan by removing a feature.
Getting help from an experienced, qualified general contractor with the knowledge of your needs and wants, will be able to provide you with an accurate, detailed estimate allowing you to secure adequate funding for your desired project. While general contractors can be pricy, working with an inexperienced estimator is a risky investment and can lead to additional expenses and even hurt your company’s reputation. A general contractor or professional construction estimator will protect your company’s name and thereby making sure the project matches the client’s budget and scope of design.