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 helps an expert to estimate the overall cost or expense of the project. Every investor wants to keep himself safe from 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 makes them aware of how much this project is going to be progressing.

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

It is very important to focus on the accuracy of the cost estimation if any error occurs 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 defined 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 confusion in the payments. To make all this work feasible construction cost estimate template is a good choice to manage all these tasks that are mainly related to earned value management.

What are 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 on 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 confusion related to the payments
  • An accurate construction cost estimate leads you towards a successful project.
  • Cost Management Plan Template

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 discussed below

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Level 1: Order Of Magnitude Estimate

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

Level 2: Schematic Design Template

 This estimate produces 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 produces in line with the designs and specifications of the construction

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Level-5: Bid Estimate

This estimate is produced according to the information in the construction document and is made by the contractors. It serves as a base for a bid price that is to 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 is also known as a screening estimate. It determines the viability of the construction. The next one is the preliminary phase that make according to the schematic design. Then the detail estimate makes in the design development phase. Finally, the last estimate make by engineers according to the information in 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 before the construction work and is helpful in maintaining 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 discussed below

Material

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

Labor hour

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

Labor rate

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

Cost of Material

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

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Equipment Cost

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

Sub-Contractor Quotes

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

Additional Costs

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

Profit

A margin is made 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 consider in long-term projects.

Bonds

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

Residential Construction Estimating Spreadsheets

If we discuss residential construction estimating spreadsheets, infect Excels provides a variety of templates 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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