What Is Building Estimate?
Before any work is to be taken for its execution, the builder or owner must have a detailed idea about the volume of work that will be possible to be completed with the fund he has with him.
The probable cost of the total project should be calculated for its completion. The process of calculation of the quantities and cost of the various items required in relation to the work is known as the construction estimate.
For preparing an estimate you will require drawings consisting of plan, elevation, and sections through important points, along with proper detailed specifications, and rates of the item.
It is done by proper calculation of the quantity from the dimensions of the drawing for the various types of items in order to complete the required project after the unit cost of the particular items is multiplied.
It is done so that the work does not stop at a point due to lack of funds. This estimate is also required to be submitted beforehand for getting sanction for necessary funds from the concerned authority.
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A building estimate is an approximation of the cost that a construction project will require. It is done by the estimation of quantities and cost of required materials, labor, equipment, and other expenses essential for the project,
For the determination of the feasibility of the project and proper planning of financial resources needed for its completion building estimate is typically created before the beginning of construction.
It is used by contractors, architects, and building owners. For the process of creation of a building estimate, it involves the analysis of project plans, specifications, and other relevant information in order to determine the requirement of labor and materials as well as other expenses and equipment.
The estimation of the building can be presented in various ways from detailed itemized to summary reports. In estimate, contingency cost is also included so that if some unexpected costs or changes occur in the project they can be tackled.
On the dependency of the project need and the amount of accuracy required the details provided in the estimate changes. For proper completion of the project on time and within the budget and to prevent costly delays or unforeseen expenses accurate estimation of the building is required.
For the bidding process contractors, they are used by contractors so that they can get the bid after negotiation. By doing the estimate you will be able to assess the requirements of Tools, Plants, and equipment that are required for the completion of the project.
The investment can be justified by the benefit-cost ratio.
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Estimation and Costing of Building
Estimation is done first by calculating or computing the various quantities required. After the amount of material is found then by knowing the rate of the materials it is multiplied by the quantity which gives the probable cost of the work.
Both of them are interlinked. The primary objective of estimation is to find the probable cost of the project. It is the anticipated cost that is found. Estimated costing is most often not the probable cost of construction.
The accuracy will depend on the careful study of the drawing dimensions, the method used for estimation whether detailed or approximate, and rates consideration. If the estimation is done properly the estimated cost will be nearly the same as the actual cost.
How to Calculate Building Cost?
In order to calculate first prepare a table consisting of Item No., Description or particulars, No., Length, Breadth, Height or Depth, Content or Quantity.
The above-mentioned table is known as Measurement Form. Then after looking at the drawing and specifications put the items required for the project in the description column one by one.
After that put the length, breadth, and height of the respective items in the respective columns with the help of drawing. Then after multiplying the length, breadth, and height get the number of individual items required for the work.
After that, the Abstract of Estimate Form is prepared. The table will consist of a Description of Particulars, Quantity, Unit, Rate, Unit of Rate, and Amount. After preparing the table, provide the same required items’ names mentioned in Measurement Form.
The quantity which you received from the Measurement Form put that for the respective items in the quantity column. After knowing the rates of the unit amount of the items put that in the rate column.
Then after multiplying the rate and quantity of each item, you will get the cost for the individual items. Finally, after adding the cost of individual items, you will get the total cost of the project.
The estimated cost should be increased by 4 to 5 percent for unforeseen costs known as a contingency fund. For maintaining additional supervising staff work charge establishment of 2 and a half percent is to be added.
Thus, by summing up the total cost contingency fund and work charge establishment cost you will get the total cost.
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Estimation of Building
Finding out the number of items required and then the cost so that the project can be completed smoothly is known as the estimation of the building.
Simply put, building cost estimating is the process of putting together an accurate list of the costs associated with completing a construction project. This includes any direct costs (materials, labor, equipment hire, etc) and indirect costs (utilities, insurances, tax, etc).
What Is a Cost Estimate in Construction?
August 5, 2021. A construction cost estimate is exactly what it sounds like: an estimate of the cost of building any kind of structure. Whether it’s a simple building addition or a major piece of public infrastructure, people want to know the cost before they begin.
How to Prepare Building Estimate?
To help you do this, we’ve put together a step-by-step guide below.
- Review The Scope of The Project.
- Provide a rough timeline.
- Determine What Work You Need to Subcontract Out.
- Put Together an Estimate of The Cost of Materials.
- Check Out The Competition.
- Outline Your Terms And Conditions.
- Make Your Estimate Professional.
Building Estimate and Costing
What is building cost estimating? Simply put, building cost estimating is the process of putting together an accurate list of the costs associated with completing a construction project. This includes any direct costs (materials, labor, equipment hire, etc) and indirect costs (utilities, insurances, tax, etc).
Commercial Building Cost Estimator
Building a single-story commercial office building will cost an average of $238–$286 per square foot. A mid-rise building costs $569 on the high end and $474 on the low end to construct. Building a high-rise will cost a high between $545–$654 per square foot on the low end.
Building Construction Estimate
How to estimate cost of construction?
Approximate cost on various work of material to complete the construction for 1000 ft 2
- Total Cost. = Builtup area × Approx cost per sq. ft. = 1000 × 1000. = 1000000.00 Rs.
- Amount of Aggregate Required. = Builtup area × 0.608. = 1000 × 0.608. = 608.00 Ton.
- Flooring. = Builtup area × 1.3. = 1000 × 1.3. = 1300.00 Sq.
Building Estimation and Costing
Thumb Rule of Quantities of Material for 1000 sq. ft.
- Cement = 400 bags.
- Sand = 51 Cubic meter or 81,600 kg.
- Aggregate = 38 Cubic meter or 60,800 kg.
- Steel = 4 kg/sq. ft. = 4000 kg/1000 sq. ft.
- Paint = 180 lt.
- Bricks = 8 Bricks/sq. ft. = 8000 Bricks/1000 sq. ft.
- Flooring = 1300 sq.
Estimate of Building Construction
Calculation of Cost | Approx amount of cost for given construction is 10,00,000.00 Rs.
- Cement (16.4 %) 1,64,000.00 Rs.
- Sand (12.3 %) 1,23,000.00 Rs.
- Aggregate (7.4 %) 74,000.00 Rs.
- Steel (24.6 %) 2,46,000.00 Rs.
- Finishers (16.5 %) 1,65,000.00 Rs.
- Fittings (22.8 %) 2,28,000.00 Rs.
- TOTAL COST 10,00,000.00 Rs.
How Do You Calculate Building Cost Per Square Foot?
The formula to calculate price per square foot is price divided by size (in square feet). So for example, if you have a 2,000-square-foot house selling for $300,000 you take the total price, then divide it by the square footage, which would give you $150 per square foot.
How Do You Estimate Building Costs?
Take a look at a few of your recent home builds. Divide the total cost to build (including materials, labor, overhead, etc.) by the total square footage of the home to get the cost per square foot.
What Is the Most Expensive Part of Building a House?
A home’s framing is its skeleton. Because so much material and skilled labor is required, this is an incredibly expensive part of building a home. While framing may not be as expensive as the foundation or lot, it is typically more costly than other items.
What Is an Example of Estimate?
We need to estimate how much paint we’ll need for the job. The cost of the project has been estimated at/as about 10 million dollars. He estimates that current oil reserves are 20 percent lower than they were a year ago.
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