How to estimate construction cost?
When looking for contractors to build a house, many people worry more about the construction
cost estimate. They tend to concentrate more on how much new construction costs and the
costs per square feet. If you verify with a couple of builders, you'll know it isn't an easy decision
to make. Several factors decide the cumulative construction cost. You can even focus on the
construction project cost breakdown to understand the construction cost estimate in depth.
While the builder and the architect and the designer will help you identify the various factors
considered in the total cost before the construction begins, the best construction cost estimate
can be calculated once the construction completes. Since the total construction cost estimate is
taken post the construction includes the cost of the construction and the style, quality, and
features of the construction project, as well.
So, let’s take a look at the step by step construction cost breakdown that can be done post the
construction to calculate the total construction cost estimate.
Steps Included in the Construction Project Cost Breakdown
Determining Final Cost of the Floor Plans
The first and foremost step to calculate the construction cost estimate is to check the potential
cost of the floor plan that you chose for your house before the construction started. You can
easily sit down with your architect to discuss the cost related to your project's baseline, as
discussed before the beginning of the construction and make the required changes. The total
cost of construction constitutes a majority part of the floor plan's cost as it gives the definition
to the construction of the property.
Determine the cost of the final construction per square foot
After you are done with calculating the cost of the floor plan and making the required amends
to the cost based on your budget, it's best to keep the costs per square feet in check. To
calculate the cost per square feet for your project, take the total cost of your construction
project as outlined by the hired architect, and divide the cost by the total number of square
feet in your project. The part of calculating the cost per square feet will later give shape to your
overall construction cost estimate with several other costs per square feet that shape the
design of your house. The following costs will be included in the calculation of constructions
cost per square foot.
- Painting per square feet
- Tiles square feet
- Granite per square feet & running feet
- Wood per square feet
Apart from the size, determine the style, quality and the features of the project
The final price of all homes depends largely on the style of the property, quality of products,
and materials used along with the house's several architectural features. While calculating the
construction cost, it’s a must to calculate the features that determine the construction costs.
The house style refers to its shape, dimensions, stories, size of the roof, etc. The quality is
usually related to the materials used for different construction phases, such as laying the
foundation, flooring, tiling, painting, insulation, cabinetry, Aluminium works on MM, etc. On the
other hand, the house features refer to the design considerations like the type of staircase,
pitches of the roof, etc.
Calculate the additional costs (land preparation expenses, permit fees, Time of the year)
The thumb rule to calculate the construction cost estimate is to note all the additional costs
while finalizing the bills. The additional costs include the common expenses that happen during
the construction including costs for preparing the site for construction (levelling ground,
removal of rocks, etc.) The additional cost of construction also includes the permit fees, which
depend on the locality. You will be surprised to know that the time of the year of your
construction also makes a massive difference as the costs may increase if the labour is in high
demand during seasons of low unemployment and budgetary growth.
Conclusion
Finding out the final construction cost estimate can be difficult. However, if you make a note of
aiming to draft a construction project cost breakdown based on the mentioned factors, the job
will become easy for you.
