The cost of a building is much more than a sum of its parts. One of the most important parts of that calculation is an estimation of the cost of the building systems, the cost of the building construction, and the cost of the building’s operating costs. But estimating the cost of a building system is not an easy task, as there are systems in a building, each with its own unique factors and details.
Estimating Cost Construction
Estimating construction costs is a complex process which involves many assumptions. A professional building estimating service will only be able to give you an estimate of the cost of the project, based on a careful analysis of the information provided. The estimator will also be able to give you an estimate of the potential savings, if the project is completed and the predicted results are achieved.
Detailed Estimate Developing Steps
There are a lot of details that can make or break a home renovation project. Whether it is replacing the lights, refinishing the floors, or installing a new kitchen countertop, it is always a good idea to incorporate a few details into the overall project.
Some features that can be included in a renovation project are:
- Set your budget
- Determine the scope of the job
- Create a list of materials needed
- Create a list of labour needed
- Create a list of equipment needed
- Determine how long it will take
- Determine how much it will cost
- Set a completion date
Quantity Take-Off (Surveying)
Estimating prices is kind of tricky. We all know that you should never quote a price without knowing what the job entails, but it’s difficult to do a survey, because it can take weeks of work. When I worked for a major construction company, we would conspire to come up with a good number to quote, but it wasn’t always possible. A lot of effort would go into the process, but an inaccurate price would be paid.
Work Packages
A work package is the basic document that outlines the scope of a project, and contains the requirements, delivery schedules, and budgets of each individual task and deliverable (aka a work package).
When building a new building, the cost of each work package can vary widely. Some work packages can include the starting of the foundations, while others may include the installation of an air conditioning system.
Foundation Details
When building a new home or a new business, you want a lot of things right. You need to hire a good architect, the right building materials, and furnishings. But by far the most important thing you need to consider is the foundation. Without a strong foundation, the rest of the building is likely to be pretty flimsy.
Conclusion
With each new project you undertake, you may desire to study the costs involved. However, you may find that you give your estimate a cursory glance, then immediately commit to it without ever truly considering it.
This is especially true if you have little to no experience in the field you’re estimating. Estimating is not exact data science, and so you must take into account the time it takes to gather the information you’ll need, as well as the other resources you’ll need in order to do the job.
