Accurate cost estimation is required for construction projects. One of the primary purposes of cost estimates is to give a complete list of costs required to complete a project. Several types of cost estimation are available.
Estimating construction costs is a crucial part of the process. A material takeoff delivers precise cost estimates for every material needed for a project. Every construction project requires detailed planning and material takeoff is very crucial to this planning.
Types of estimates:
There are several estimates involved in material takeoff. From early stage with limited information available to definitive estimates based on precise design. Building material takeoff list considers some of these estimate methods.
Preliminary Estimate:
It is a rough order of magnitude or estimate, they provide a rough idea of how much a project might cost. This is just about giving a non-final figure at the early stage of the life cycle of the project, it is based on the conceptual designs or the restricted design information.
Plinth Area Cost Estimate:
A method of finding the approximate building cost, this estimate covers the built-up area of the building. This covers the entire area that the external dimensions of the building cover on the ground floor or any other floor level. It is estimated by determining the plinth area cost rate of identical constructed buildings in the area. Some important things to consider when performing this method;
- Foundation type
- Building height
- Type of materials to be used
- Roof construction and finishes
Open areas and courtyards are not included in this. If the building consists of several stories, the area estimate is calculated for each floor level individually.
Cube rate cost estimate:
This estimate of a building is calculated by multiplying the plinth area by the height of the building. It is an effective strategy for calculating cost estimates for multi-story buildings. The size of the building should be evaluated from floor level to the top of the roof level. This estimate is more accurate than the plinth area estimate. Foundation, plinth, and parapet above the roof level do not include in this estimate.
Elemental Estimate:
It is a more accurate method and analysis of construction costs as it is based on further detailed drawings and specifications. To ensure a precise analysis, the building is split into factors (e.g, structural frames, facades, etc). They are broken into smaller categories all components are summed up to provide a total building and cost.
Detailed Cost Estimate:
It is composed when a qualified administrative authority authorized the preliminary estimates. It is extremely accurate, quantities of items of work are measured and the cost of each item of work is calculated separately. The rates of different items are provided according to the current rates and the total estimated cost is calculated.
Revised cost estimate:
It is a detailed estimate and is prepared when the original estimate exceeds its original cost by 5% or more.
The increase could be because of an increase in the cost of materials, transportation, etc.
Supplementary cost estimate:
It is a detailed estimate and is prepared when there is a need for additional work during the progress of the original work. The estimate sheet contains the cost of the original estimate along with the supplementary cost of work.
To sum it up:
Cost estimation in construction is a critical part of all projects. They help the civil engineers understand the needs of the project. Also, aid clients in understanding the budget and the financial constraint on them that will take place when the project goes through. A residential construction material take-off is used to figure out the exact quantity of materials that are required.
With the advancement in technology, estimation software is used for calculating precise cost estimates and they help in creating estimations faster. By hiring a professional construction cost estimating services NYC you will save time and resources and have accurate cost estimates.
