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Contractor expenses template2/21/2023 Another way is to look at how you’re going to use the estimate. This is the definitive estimate ultimately presented to the customer. This is a contractor’s final estimate, based on all available Blueprints, plans, and material costs. This estimate is based on proposed blueprints and building specifications. Level 4 is called a Construction Document Estimate.This is a rough estimate drawn up based on the initial design. Level 3 is called a Design Development Estimate.It’s useful for construction companies to determine whether it’s worth looking closer at any given job. This estimate is made based on the schematic design. Level 2 is called a Schematic Design Estimate.A Level 1 estimate is useful for determining whether a project is feasible, but not much else. This is a preliminary “back of the napkin” calculation that’s only directionally accurate. Level 1 is called an Order of Magnitude Estimate.Each level is more accurate than the last, and provides a higher level of detail. As a result, it’s normal for the same project to have multiple estimates over its lifespan.Īccording to the American Society of Professional Estimators, there are five levels of estimate. Conversely, you may also find ways to save money or materials. As the project progresses, you may run into challenges that push the price up. The first thing to understand about a construction cost estimate is that it’s an estimate. Key Takeaways Types of Construction Cost Estimate Along the way, we’ll touch on potential pain points, as well as helpful tools like estimating software. Here, we’ll discuss the basics of construction cost estimation, as well as common methods. It can even be a useful skill for customers, since you can gain an understanding of how much you should be spending. Any savvy customer will not just ask for an estimate, but get them from several companies.įor contractors, architects, and project managers alike, it’s essential to understand how to estimate costs. Whether it’s a simple building addition or a major piece of public infrastructure, people want to know the cost before they begin. A construction cost estimate is exactly what it sounds like: an estimate of the cost of building any kind of structure.
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