Construction Cost Estimate Template

Construction cost estimate template excel is the process of predicting the cost of the building structure before starting the project. It help an expert to estimate the overall cost or expense of the project. Every investor wants to keep himself save from the loss. So it is necessary to make these decisions in the initial phases.

Cost estimation helps the investors in determining the flexibility and viability of the project and make them aware how much this project is going to be progressing.

Cost estimation is done to make sure that project can be accomplish feasibly with all the scopes being met. This helps the contractor whether to bid a project or not. A good cost estimation keep the money of the builders save. If you want read article Stakeholder, here is the link

It is very important to focus on the accuracy of the cost estimation if any error occur in the estimation this will lead you towards a great disaster. There are several factors on which the accuracy of the estimation depends that are

  1. Quality of the plan making
  2. The level to which the project is define by the estimator
  3. The expertise and abilities of the estimator
  4. The accuracy and quality of equipment used by the estimator

It helps to avoid any confusions in the payments. To make all this work feasible construction cost estimate template is a good choice to manage all these task that are mainly related to the earned value management.

What is the Key Benefits of a Cost estimation?

  • It is helpful in allocating the budget by the project manager.
  • This template is helpful for contractors to decide whether to bid the project or not.
  • It is helpful for the architects and engineers to determine whether the project is meeting the scope or not.
  • This is also helpful in keeping the money of the builders safe and helps in avoiding any confusions related to the payments
  • An accurate construction cost estimate leads you towards successful project.

Construction Cost Estimate Template

All these factors together make an accurate estimation which is very healthful for the business.

Types of Cost Estimates in Construction

In order to confirm the accuracy of the estimate, there are multiple estimates that should be made during the pre-designing phase. These types of estimates are discuss below

Related Article: Project Management

Level 1: Order Of Magnitude Estimate

It is construct in the very start and is helpful in determining the feasibility of the project.

Level 2: Schematic Design Template

 This estimate is produce in accordance with the schematic design.

Level 3: Design Development Estimate

 The estimate produce during the design development phase is called the design development phase.

Level-4: Construction Document Estimate

This estimate is produce in line with the designs and specifications of construction

Level-5: Bid Estimate

This estimate is produce according to the information in the construction document and is make by the contractors. It serve as base for a bid price that is to be offer to the customer.

Categories Of Construction Cost Template

There are three main categories of the cost estimate

Bid Estimate
Bid Estimate

Design Estimate

This is done during the pre-designing phase and also known as screening estimate. It determine the viability of the construction. The next one is the preliminary phase that is made according to the schematic design. Then the detail estimate is make in the design development phase. Finally the last estimate is make by engineers according to the information ion the construction document.

Bid Estimate

The constructor make a lot of research before bidding on any project. He gets data from different resources like direct cost, supervision cost etc.

Control Estimate

After signing the contract with the contractor, infect this estimation is made but before the construction work and is helpful in maintain and controlling all the costs of the work. It helps in accomplishing the construction work within the estimated cost.

Elements Of Construction Cost Estimate

There are different elements that make up a construction cost estimate template look presentable and effective. Without there element a good template cannot be made. Elements of this template are discuss below

Material

It measure the quantity of material in the pre-construction phase.

Labor hour

It is the unit for the work that gives the estimation of output of one worker who is working for one hour.

Labor rate

This is the amount of money pay to the worker for one hour work. It includes the overtime payment as well.

Cost of Material

The cost of material varies as the market fluctuates so this should be prioritized.

Equipment Cost

It includes the cost of heavy machinery that is rent for the construction purpose like the cranes and cement mixer etc. equipment are the major factor in the construction business. How quickly your work is going to be finish greatly depends upon the efficiency of the equipment.

Sub-Contractor Quotes

More than one contractors are hire for the accuracy of the cost estimate so all of their quotes are add in the contractor’s total estimate.

Additional Costs

These cost are not directly relating to construction for example the transport cost, administrative cost etc.

Profit

A margin is make in the cost by the contractor in order to make a profit.

Escalation

These are the natural inflation of cost with the passage of time. These must be consider in the long term projects.

Bonds

This act as a guarantee of delivery. The performances bond make you aware of if the contractor is able to construct according to the contract signed or not.

Residential Construction Estimating Spreadsheets

If we discuss about residential construction estimating spreadsheets, infect Excels provides a variety of template that makes it easy to handle to manage different tasks related to project management. One of these templates is residential construction estimating spreadsheets is that serves the builders, engineers, constructors and investors in many ways.

Outsource References: Construction Cost Template

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