Quick Summary

- Accurate cost estimation requires planning, local cost research, cost breakdowns, contingencies, and cost estimating software.

- A general rule of thumb is to add 10% to 15% of the total cost for contingencies.

Introduction

Estimating the cost of building a new structure can be a daunting task, but it’s essential for any construction project. Accurate cost estimates help ensure that the project stays within budget and can be completed on time. Here are five tips to help you estimate building costs like a pro.

Tips 1: Plan Ahead

Before you start estimating costs, make sure you have a detailed plan of the project. This should include the design, materials, and labor needed to complete the project. Having a detailed plan will help you avoid surprises and ensure that you have accurate estimates.

Tips 2: Research Building Costs

Research the cost of building materials and labor in your area. Prices can vary significantly depending on the region, so it’s essential to have accurate information on local costs. Online resources, local contractors, and building supply companies can all be helpful sources of information.

Tips 3: Break Down the Costs

Break down the project into smaller components and estimate the cost of each component. This will help you identify areas where costs can be reduced and give you a more accurate overall estimate. Be sure to include costs for permits, inspections, and any other necessary fees.

Tips 4: Factor in Contingencies

Always factor in contingencies when estimating costs. Unexpected expenses can arise, so it’s essential to have a cushion in your budget. A general rule of thumb is to add 10% to 15% of the total cost for contingencies.

Tips 5: Use a Cost Estimating Software

Consider using cost estimating software to help you with your estimates. These programs can help you create detailed estimates quickly and accurately. They can also help you keep track of costs throughout the project and provide you with reports and analyses.

Conclusion

Estimating building costs can be challenging, but with these tips, you can do it like a pro. By planning ahead, researching costs, breaking down the project, factoring in contingencies, and using cost estimating software, you can create accurate estimates that will help your construction project stay on track and within budget.

Ready to start your next construction project? Check out Coohom for design inspiration and project management tools.