The right estimation of cost is very important for going ahead appropriately with the plans of construction. The estimate should be accurate and should be such that considers all areas of cost. Construction cost estimation is not a simple task but is one that must be done systematically and accurately. The following tips intend to improve the skills of a construction estimator/cost planner
1. Understand the market in which the construction process will take place.
This is an important aspect in cost estimation as building construction often involves multiple trades performed by different contractors. This will allow you to arrive at a realistic estimate figure by understanding how the contractors work in the current market.
2. Know how buildings stand up.
An estimator who is technically familiar with the construction process and procedures will be less inclined to rely on specialist trade contractors for an estimate. It involves the labor, plant, and equipment required by the main contractor (builder), to supervise and project manage the trade contractors. A difference in labor and material would result in a higher project cost. When asking for a quote from a trade contractor, it is important to understand the business preference and specialty of the contractor to ensure a realistic quote.