How to Estimate Construction Costs

There are many aspects to be considered when trying to estimate construction costs, the most important of which include the ones where the contractor, materials and the plans are concerned. Everything starts with an initial plan that we have to follow.

Agreed that the planned blueprint has been rendered flawless, there is still the possibility that things will exceed the estimate.

You may change your mind during construction, or have things altered at the last minute. None the less this is all part of creating an estimate for your construction costs.

To estimate construction costs on a particular building you must first identify your building as commercial, residential, etc. The type of building you plan on constructing will greatly affect the costs that will be spent on it. This is because different types of building require different types of materials. After you have decided and planned out your building, you may now plan the actual floor plan. That is, the framework and actual blueprints of the building you are planning on constructing. It is through this you may also decide the type of materials you plan on using. Canvass on the quality and options that may be open to you. Collect price ranges from different suppliers to get the best price.

If you want an immediate estimate however, you may contact the local builders and contractors in your area and ask how much they priced for the construction of a building somewhat similar to the one you have in mind. Having a concrete example of what you have in mind is always helpful, and if there is already a visual available for the construction example then it will make your cost making decisions more accurate and reliable.

After you have planned out the construction, you may now hire a contractor. It may be a single contractor from a firm that will handle all the aspects of the construction, or you may hire specialists for each specific aspect of the building such as electricians, carpenters, builders, etc. You may want to get just one person to do the job or get several specific people to handle only areas in which is their expertise, either way once you have decided on who you want constructing your building, you can collect their prices. The price summation may be single for a general contractor or several small prices for the specialists. The general contractor may be a much cheaper option yet specialists on specific aspects of building are still preferred since they will be aware of every detail and not limited to only the general and basic information.

Collect the total costs from the planning, identification of materials to the employment fees of the workers to obtain your total estimate of the construction costs. This of course is subjective to extra fees such as the financing and legal fees such as permits.

When it comes to specifics, there will generally be a sudden increase in the overall costs. This is because throughout the construction of the building there may be a few details or aspects of it that require ore attention and adjusting. This should also be given an allotment and consideration in the overall total construction costs. This however is not easily avoided. More often than not the finished building is much more expensive and over the initial construction costs.


    (All the above fields are required.)