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When it comes to construction project management, forecasting the cost and other resources is important, especially if it includes completing a project within a given timeframe. That is why construction firms need to properly estimate costs. Before a general contractor can start a project, he needs to make a cost estimate ahead of time. If you're in charge of making the estimate, then here is an easily editable Construction Estimate Template that you can instantly download and use. With this 100% customizable, professionally made, high-quality, and printable template, you shouldn't have any problems when it comes to knowing what's needed and how much you'll need to finish a construction project. Take this opportunity and download our templates today!
If you are a beginner, study the principles of cost estimate making one. To those who have made construction estimates before, there are things you need to take note of. First, always think of the estimate as a prediction of the quantity, cost, and price of resources needed to complete a construction project. Then, bear in mind that a cost estimate helps contractors make decisions, choose alternatives, and set up a budget. Hence, contractors and clients should work together to validate the information on an estimate sheet. Also, a good estimate breaks down the total scope of a project into workable parts and list the costs of resources for the project. All these will help you make an accurate construction estimate.
To make sure that you are able to properly make one, here is a list of simple steps you can follow.
Keep in mind that the purpose of a simple estimate is to help you predict the cost of a construction project. To do that, you will have to gather data and conduct a material take-off (MTO). This is when you'll need to make a Construction Checklist of materials, with details such as the quantity you need them in and the types you must gather, that are part of the project's scope and Construction Budget. Then, gather the retail price of these materials. With all this information, you can come up with the total project cost.
The first thing you'll notice about a business-related document is its simplicity. Novelty fonts and creative layout are not applicable when it comes to this kind of document.
Moreover, it is helpful if you use a spreadsheet application like Numbers. This application makes it easier to sum all the costs in your estimation. It is your goal to add up all the applicable expenses to complete a construction project. You'll want to use simple fonts so everything can be easily comprehended. Remember that your readers are busy people, so make a report that they can quickly and easily get through.
When it comes to a spreadsheet application, you have to learn how to apply the formulas properly. You only need the sum of all the costs to come up with the total. Be sure to check that your formulas are accurate to prevent the production of an inaccurate estimate sheet.
To produce a highly accurate cost estimate, make sure to itemize all the applicable costs shown in the Construction Purchase Receipts. This would include equipment, materials, supplies, labor, financing, fees and licensing, transportation, and acquisition costs for land or facilities. If the project plan requires you to go out and bid for these items, then be sure to do so. If you take the time to check everything you need, then you will definitely be able to come up with a good cost approximation.