All About Building Estimate | What Is Building Estimate | Estimation and Costing of Building | How to Calculate Building Cost

What Is Building Estimate?

Before any work is to be taken for its execution, the builder or owner must have a detailed idea about the volume of work that will be possible to be completed with the fund he has with him.

The probable cost of the total project should be calculated for its completion. The process of calculation of the quantities and cost of the various items required in relation to the work is known as the construction estimate.

For preparing an estimate you will require drawings consisting of plan, elevation, and sections through important points, along with proper detailed specifications, and rates of the item.

It is done by proper calculation of the quantity from the dimensions of the drawing for the various types of items in order to complete the required project after the unit cost of the particular items is multiplied.

It is done so that the work does not stop at a point due to lack of funds. This estimate is also required to be submitted beforehand for getting sanction for necessary funds from the concerned authority.

Building Estimate

A building estimate is an approximation of the cost that a construction project will require. It is done by the estimation of quantities and cost of required materials, labor, equipment, and other expenses essential for the project,

For the determination of the feasibility of the project and proper planning of financial resources needed for its completion building estimate is typically created before the beginning of construction.

It is used by contractors, architects, and building owners. The process of creating a building estimate involves the analysis of project plans, specifications, and other relevant information in order to determine the requirement of labor and materials as well as the other expenses and equipment.

The estimation of the building can be presented in various ways from detailed itemized to summary reports. In estimate, contingency cost is also included so that if some unexpected costs or changes occur in the project they can be tackled.

On the dependency of the project need and the amount of accuracy required the details provided in the estimate changes. For proper completion of the project on time and within the budget and to prevent costly delays or unforeseen expenses accurate estimation of the building is required.

For the bidding process contractors, they are used by contractors so that they can get the bid after negotiation. By doing the estimate you will be able to assess the requirements of Tools, Plants, and equipment that are required for the completion of the project. The investment can be justified by the benefit-cost ratio.

Estimation and Costing of Building

Estimation is done first by calculating or computing the various quantities required. After the amount of material is found then by knowing the rate of the materials it is multiplied with the quantity which gives the probable cost of the work.

Both of them are interlinked. The primary objective of estimation is to find the probable cost of the project. It is the anticipated cost that is found. Estimated costing is most often not the probable cost of construction.

The accuracy will depend on the careful study of the drawing dimensions, the method used for estimation whether detailed or approximate, and rates consideration. If the estimation is done properly the estimated cost will be nearly the same as the actual cost.

How to Calculate Building Cost?

In order to calculate first prepare a table consisting of Item No., Description or particulars, No., Length, Breadth, Height or Depth, Content or Quantity. The above-mentioned table is known as Measurement Form.

Then after looking at the drawing and specifications put the items required for the project in the description column one by one.
After that put the length, breadth, and height of the respective items in the respective columns with the help of drawing.

Then after multiplying the length, breadth, and height get the number of individual items required for the work. After that, the Abstract of Estimate Form is prepared.

The table will consist of a Description of Particulars, Quantity, Unit, Rate, Unit of Rate, and Amount. After preparing the table, provide the same required items’ names mentioned in Measurement Form.

The quantity which you received from the Measurement Form put that for the respective items in the quantity column. After knowing the rates of the unit amount of the items put that in the rate column.

Then after multiplying the rate and quantity of each item, you will get the cost for the individual items. Finally, after adding the cost of individual items, you will get the total cost of the project.

The estimated cost should be increased by 4 to 5 percent for unforeseen costs known as a contingency fund. For maintaining additional supervising staff work charge establishment of 2 and a half percent is to be added.

Thus, by summing up the total cost contingency fund and work charge establishment cost you will get the total cost.

Estimation of Building

Finding out the number of items required and then the cost so that the project can be completed smoothly is known as the estimation of the building.