5 Things You Should Know About Giving a Building Estimate

Before any construction project can begin, one of the hardest parts is getting an accurate building estimate. Whether the project is your own or for a customer, the estimate will hit the all-important bottom line.

Thankfully, there are ways you can make getting an accurate estimate easier. By knowing how to plan and what factors to consider, you’ll be able to avoid any financial surprises.

To help get your next estimate on track, let’s look at 5 things you should know about giving a building estimate.

1. Start With a Good Set of Plans

There’s no way to get an accurate building estimate when you don’t know exactly what to plan for. Having a detailed set of plans is key for getting the right estimate.

Conceptual drawings can only give a rough idea for the project. Having a set of detailed plans lets you know how much space to plan for and the amount of materials needed.

Plus, a set of plans ensures you or the customer gets exactly what they want out of the project.

2. Provide Details in ALL Areas

After you have a set of great plans, it’s easy to estimate in the areas you’re an expert in. What isn’t so easy is planning in areas that may not be your cup of tea. That’s when getting an accurate estimate can suffer.

Don’t skimp or “guesstimate” in any area. If there’s an area you aren’t confident in what you’ll need, call an expert. Getting another set of eyes on the project will keep the estimate within realistic terms.

3. Don’t Forget to Account for the Unexpected

A building estimate is all about what you plan for, yet always expect the unexpected.

For any building project, things could go wrong and surprises pop up. Those surprises can blow the estimated budget out of the water.

To keep those costs within your plan, consider what could go wrong. Building in a contingency plan will keep the estimate accurate and within budget. It gives you or the customer a financial cushion.

4. Use Technology to Help

In a world where’s now an app for everything, using technology to plan a building estimate only makes sense.

Create a template in Excel, complete with built-in formulas to do the math for you. Or use programs like a Planswift tutorial.

Having technology help you keep things organized, do accurate math, and have a central place to keep notes goes a long way. Plus, it’s easy to make real-time changes, if needed.

5. Understand Pricing and Fluctuations

Nothing impacts a building estimate like the price of labor and materials. Factors such as demand, delivery changes, and seasonal limitations can affect how much you’ll pay.

Understand current pricing and availability. Be sure to factor in possible delays and schedule orders as far in advance as possible.

Plus, confirm the cost of hourly rates for specialty labor, you must include federal and state payroll costs.

Make a Building Estimate Like a Pro

Plan any construction project with an accurate building estimate. By knowing how to price it out, you’ll keep the project on budget.

Looking for new gadgets to put into your next building project or help with estimates? Check out the articles on our Gadgets blog!