Construction projects, such as erecting a building and a house, requires thorough planning and surveying. There are a lot of things to consider in such endeavors. Most of them are financial aspects. If the finances of an upcoming construction project are not thoroughly assessed, it could lead to failure. For that reason, you must conduct a cost estimation for every construction project. Save time in performing a cost estimation by taking advantage of our printable and editable Construction Cost Estimate Templates in Google Sheets. Each of these templates is already an established and well-structured sheet or worksheet for cost estimating. Just input data and calculate. No need to create one from scratch. Commence the preparation of your upcoming construction project by downloading these cost estimate templates now!
How to Create a Construction Cost Estimate in Google Sheets
A construction cost estimate, as its name suggests, is a specific form of cost estimate document that showcases a breakdown of a construction project's possible expenses. It will be essential for the budget planning process. According to CostEnigneering.eu, cost estimating is a vital factor in establishing an effective construction project plan. So if your firm has upcoming construction projects, make sure to create a proper cost estimate in Google Sheets for each of them. We will help you by showing our simple guide below.
1. Identify the Scope
Among the first steps in preparing for projects is identifying their scope. That process is most certainly crucial for construction projects. We all know that construction operations are large and illustrious. You cannot begin cost estimating it if you won't identify its scope in the first place. By identifying its scope, you can visualize the things needed for the project and gain insight into its financial requirements.
2. Determine the Project's Phases
Construction operations have various phases. And on each phase, there are specific expenses. For that reason, you must enumerate the possible phases of your construction project on your checklist form. In your estimate sheet, you can utilize the construction's phases as the sections of the cost estimate document.
3. Assess Labor Requirements
It's understood, even by amateurs, that construction operations require a huge workforce due to its labor intensity and vast scope. With that in mind, it's important to assess the labor requirements of each phase of your construction project. Labor costs are very delicate and confidential; that's why you must estimate its possible expenses. Plus, assessing labor requirements enables you to partner with the perfect contractor and hire individuals that fit the job description to work in a construction operation.
4. Survey Prices and Calculate
In the first stages of construction project management, you'll be surveying the prices of the construction materials and equipment. You should incorporate the findings of that survey in your cost estimate document, along with the estimated costs for labor requirements. Afterward, you can then start calculating the total estimated expenses of each phase of the construction project. For this matter, it would be best to seek the assistance of the financial experts of your company. Make sure that the calculations are accurate and precise, and that they closely reflect the actual expenses during the progression of the project. Keep in mind that the results of a cost estimation play a vital role in budget planning.
5. Emphasize Project Details
For record-keeping and documentation purposes, make sure as well to emphasize the details of your construction project. That includes its official name, its head project manager, head engineer, contractor, client, etc. The project details clarify all the individuals and entities involved in the project. You may also attach your construction company logo to strengthen the credibility of the cost estimate document further.
