Performing a well-calculated estimate for a construction project is one way of ensuring that you don’t spend more than the project costs. It’s critical that the estimates you make from the start of your project are close to accurate to avoid financial issues that might arise later. It also helps in keeping your client in trust. For this, you need a well laid-out construction estimate template.
Construction Estimate Templates
What is a construction estimate template?
A construction or contractor estimate template is a document that contains a breakdown of the anticipated costs of a construction project. This document is essential for you to properly make the budget for a given project that ultimately ensures a great return of investment along with a timely evaluation of possible financial risks.
Since you will use this document to create a budget for your project, it is, therefore, imperative for it to be quite accurate to ensure that you have enough funds to accomplish the project. As such, this prevents any potential delays or funding problems later on.
Contractor Estimate Templates
What is an estimator in construction?
In the construction business, an estimator analyzes the costs and prepares estimates on construction projects. There are specialized estimators for different projects like in architecture, civil engineering, electrical, mechanical, and structural construction projects.
An estimator may also specialize in cost estimation for only one construction trade like in an electrical project. Estimators use a construction estimate template for different projects.
Estimators may work with construction companies that deal with commercial, industrial, and residential projects, as well as, major mechanical, trade, and electrical contractors. Self-employed contractors can also employ estimators and in smaller organizations, they have other tasks too.
What to include in the document?
When a professional or licensed contractor creates a construction estimate template for a project, this should contain necessary elements that the client wants to see. These elements are essential. If you are a contractor and you want to create a building estimates construction quote template for your clients, make sure to include the following:
- Completion Time for the Estimate
Generally, estimates provide the timeframe it would take for the project’s completion. The clearer you can be in this aspect, the better.
- Licensing Information and Contact Details
You should include your complete name, physical address, mailing address, phone number, and email address. Your clients might want to contact you during or after the completion of the project. It is also important is to include your license information. With this information, your clients will feel more confidence and trust.
- Insurance Information
Most clients look for liability insurance when hiring contractors. This is why you have to include insurance information to cover any potential damage should something happen in the process of completing the job. There is a section in standard construction or home repair estimate templates where you can enter your insurance information.
- Scope of the Project and the Timing
Generally, every construction project consists of several small steps in its completion. For instance, you will purchase materials, you will build the structure, and so on. Aside from having blueprints for your projects, you should also have everything in writing where you list down each step of the project, the estimated material costs, and the estimated labor costs.
All of these should appear in your template. If you can clarify everything in the document, then your client won’t have to ask any questions in the course of your project.
- Estimates and Expectations of Project Payment
Your template should have a section that focuses on payment, which will concern both you and your client. It is usual practice for contractors to require payments throughout the course of the project with part of the costs serving as the down payment.
The schedule of payments may vary, depending on your preferences and the agreement you’ve had when you discussed the project with your client.
- Itemized List of the Bid Information
In this section, you list all of the costs associated with each task that needs completion. There is also the need to determine who will handle the acquisition of the required permits and licenses needed for the project’s completion.
Job Estimate Templates
How do I estimate the cost of building a house?
If a client contacts you to build a new home, one of the most important factors to consider is the cost. Usually, you will base this on the cost of construction per square foot. There are several steps and factors to take into consideration when making an estimate on construction costs using a job estimate template.
Breaking the process down step-by-step makes it more understandable and at the same time, provides you with a framework for more accurate estimation. Here are the steps to follow when estimating the cost of building a house:
- Determine the Floor Plans
The process starts with the selection of a floor plan for the new home. With this, it becomes easier to determine the style, quality, features, and size that the client desires for their home. This serves as the baseline for your project.
- Find Out What the New Home Construction Costs are per Square Foot
Although it is impossible to get an exact amount for building a new home, it is important to get the closest estimate possible. You can do this by taking the total cost of the project as outlined in your construction estimate template and divide this amount by the total square footage of the whole project.
- Know What Features Refer to in Relation to Estimating the Construction Costs
The price of a new house isn’t only determined by its size. You also have to consider other features like the quality, features, and style when determining the home’s construction costs.
- Leave Room to Accommodate Additional Costs
When making the contractor estimate template, it’s a good idea to factor in some additional expenses that are usually overlooked in the excitement of building a new home.
- Consider Cost Overruns
Finally, it is important to prepare for any cost overruns while determining the construction cost of a new home. Remembering that the cost of a finished home is almost always more than the original price bid, can help tremendously in avoiding this outcome.
You can initiate this by discussing the creation of a detailed construction contract. The more details you can reveal, the more accurate the estimate you will make. Consequently, the more likely the expenses will stay within the estimated budget.