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Different Types of Construction Estimates

Before any type of construction pushes through, estimating the cost of the project needs to be completed first. Estimate simply refers to the expenses that will be incurred including the cost of materials, labor and equipment. Architects, engineers as well as building contractors are usually the ones who create the cost estimate but this is merely an approximation of the actual price of the project. Estimating the cost of a construction project requires attention to detail as well as being constantly in the loop when it comes to prices of supplies and materials to give an estimate that is near the actual mark.

There are actually several estimating styles that you can use but they can be easily grouped into two categories namely: approximate estimates and detailed estimates. Approximate estimate in construction means a rough or approximate estimate that is done to get a general idea of the cost of the entire construction project in a quick manner. This can usually be done in construction projects such as residential and commercial construction.

On the other hand, for detailed estimate, this is usually created with the goal of determining the amount or quantity of the materials needed as well as their costs that the contractor needs in order to complete the project. Out of the two categories, the detailed estimate is far more reliable.

There are actually two ways for you to prepare this type of estimate and these are unit quantity method and total quantity method. Unit quantity focuses more on how many items or operations are needed to finish the job. What makes this method of finding the detailed estimate effective is that the unit costs of the different jobs included in the construction project can be compared and the total pricing can be corrected when needed.

As for the total quantity method, these include materials, labor, plant, overheads and profit as well. The total number of each item for a specific class or kind of material as well as labor is multiplied by the cost of the individual unit. Same goes with determining the cost of overhead expenses, plant and profit. Adding the results of these five groups will give you the overall estimate for the construction project.

Getting an estimate of the construction job beforehand can give you a better idea on how much you need to spend to complete the plan you have in mind. Hiring professionals to give you a cost estimate is highly recommended if you want to get a fairly accurate estimate.

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