Most people find getting accurate estimates for their construction projects challenging. This usually happens before getting started. It’s crucial to note that an estimate is not final. As the project progresses, estimates can change. Plans become solidified and this provides a better sense of the way things are unfolding. As such, you can keep getting more accurate and granular with construction estimates. Nevertheless, you can get more accurate estimates for your construction project. Here are some of the best ways to get accurate construction project estimates.
Get a Rough Estimate
With a rough estimate, you simply get in a ballpark range for your project. The provided figures are based on assumptions and on-the-job knowledge and not hard facts and numbers.
Get an Intermediate Estimate
As your project progresses, you may want to determine its feasibility. The real project and concept are two different things. And that is what an intermediate estimate is all about. This estimate is very common in commercial construction projects. Therefore, this step might not be important for small projects.
Get a Preliminary Estimate
At this step, you get detailed with your estimation. A preliminary estimate adds more consolidated and specific costs for every aspect of the construction project. This can be used to set a rough budget and research for project financing. However, you should be accurate at this estimating stage. Therefore, have the numbers checked by somebody else and ensure that you’re not sourcing for project funding before you’re done with preliminary estimating.
Get a Substantive Estimate
By the time you get to this step, you have designs ready. Therefore, your pricing can become more precise. Therefore, estimate costs for the project’s primary materials and secondary materials. Also, look for things like construction project deliverables and objectives. This will enable you to sharpen the estimate.
Get a Finalized Estimate
This is the last estimate. It’s the most reliable and accurate. It features a budget and accurate costs for the project. Use it for the bids and costing out everything.
Estimates are based on guesswork and assumptions. However, you can follow these steps to get accurate estimates for your construction project.