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Construction Cost Estimating

Construction cost estimating is calculating the cost for the construction project to define how much budget will be required for the specific construction. It includes direct costs like materials and indirect costs like office worker salaries. The professional cost estimators do it to ensure the owners and contractors complete the project profitability.

Estimating cost requires in-depth knowledge of all construction aspects like materials, cost trends, codes and techniques, etc. Let’s walk through all the steps needed to estimate construction costs.

Analyse Bid Package

The bid package in cost estimating is important to analyze because it contains all the important information related to construction projects. The bid package consists of information like the agreement of the owner and contractor, bond forms, general conditions, supplementary conditions, and construction specifications.

When contractors bid on the project they are bound to complete the work mentioned in the bid package. When reviewing the project constructors go through the following process:

  • Making sure drawings and specifications are complete and clear.
  • Getting the overview of the project.
  • Analyzing structural requirements.
  • Reviewing electrical, mechanical, and plumbing needs.

Recognizing nonstandard items.

Visit The Construction Site

In most construction cases, it is important to visit the site rather than relying on the drawings and photographs of the construction site. Estimators need to visit the site to get a better view of the conditions of the site and to analyze how that will affect the profit of that project

Things that influence the profit are:

  • Poor soil condition
  • Nearby buildings
  • Poor drainage system
  • Lacking easy access
  • Poor utilities like water

Conduct Quantity Takeoff

Our Construction Estimator Services

Quantity takeoff in cost estimating is done to analyze how much material and what items are needed for the project. Material needs are listed according to the way they are measured for example:

  • Quantity is used for doors and windows.
  • The area is used for flooring.
  • Volume is used for the concrete required.
  • Length is used for wiring.

These takeoffs are used to analyze pricing information that can be used when creating a bid.

We recognize the unique requirements of our clients and our construction cost estimating services are tailored to their particular needs. Among our clients are:

  • General Contractors
  • Subcontractors
  • Project managers
  • Developers
  • Investors
  • Architects
  • Homebuilders
  • Owners
  • Vendors

Request For Cost From Vendors And Suppliers

After creating a definitive list of materials and types of equipment needed, the contractors start working with suppliers and vendors to get the pricing information. The contractors who do not own essential types of equipment for the project need to reach out to vendors to determine the cost of renting or leasing the equipment.

Since the equipment may be owned, rented, leased, or purchased contractors need to decide to identify the cost and profit of the project

Analyse Labor Requirements

After analyzing the takeoffs, the next step in cost estimating is to identify labor requirements for the project. Estimators need to specify:

  • Roles of the labor.
  • Hours of labor.
  • How productive is the crew?

Estimators also need to calculate the loaded labor rate for wages rather than simply multiplying the total wage with hours. The loaded labor rate consists of:

  • Wages
  • Taxes
  • Sick leaves
  • Insurance
  • Retirement

The estimator must include all the costs associated with hiring someone for the labor to estimate the true cost of labor.

Calculate Indirect Cost

In addition to direct costs in cost estimating, the estimator also needs to analyze and calculate all the indirect costs related to the project. These costs are not laid out in the bid package and need to be calculated separately as it is also an important part of the construction project.

The indirect cost consist of:

  • Permits
  • Cleaning
  • Temporary offices
  • Cost of Maintenance
  • Software

The estimator considers the rate of the following items as well as the duration for which they will be needed.

Analyze Profit

The last step in estimating cost is to analyze the profit. After analyzing all the costs of the construction project the estimators adjust the total account for the profit. The profit is the fee that the contractors earn from the project and that money can be reinvested into growing their business. Each construction business determines its profit margin by analyzing its goals and conditions.

At the end of the process, the estimator has covered all the project costs including materials, equipment, indirect costs, labor, etc, and can return a healthy profit. With this in hand, contractors can now bid with the project owners or general contractors.

OUR RANGE OF CONSTRUCTION COST ESTIMATING SERVICES

  • Cost estimates
  • Material takeoffs
  • Feasibility studies
  • Bid evaluation
  • Bid management
  • Consultation on bid filing
  • New project leads
  • Subcontractor marketing
  • Litigation assistance
  • CPM scheduling
  • Project cost management
  • Change order management
  • Value engineering
  • CAD drafting

OUR RANGE OF CONSTRUCTION COST ESTIMATING SERVICES

Our estimators have diversified past experience of working with general contractors and subcontractors companies and follow the strict policies of AACE and AIQS. Our team comprises professional construction cost estimators who are trade specialists, including site work, civil, structural, mechanical and electrical, and a lead estimator who covers all the aspects of the project. We serve in all CSI divisions:

  • Sitework
  • Earthwork
  • Masonry
  • Concrete
  • Finishes
  • Drywall
  • Painting
  • Flooring
  • Roofing
  • Lumber
  • Millwork
  • Cabinetry
  • Stucco
  • Metals
  • Rebar
  • Structural steel
  • Door/Window
  • Electrical
  • Mechanical
  • Plumbing
  • HVAC
  • Ductwork
  • Thermal/moisture protection
  • Insulation

If you’re in search of the professional estimating services you can count on, we are eager to help! Call us
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Why Choose A Precision Estimator For Cost Estimating?

Precision Estimator is the trusted platform that provides a team of experts for your construction estimating projects. The team works with full dedication to get the most accurate outcomes of the project. With these services, the contractor can easily measure multiple construction projects. Precision estimator aims to assist clients with achieving success in mind. Precision estimates provide step-by-step cost estimates to allow the clients to develop an understanding of the calculations involved in the process.

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