Tips for Estimating the Cost of a Construction Project

When embarking on a construction project, you want to know the amount it will cost you. In most cases, the cost of construction projects depends on square footage. But there are many factors that influence the cost of any construction project. These should guide you when estimating the cost of your construction project.

Floor Plans

Select a floor plan that has been completed by a local architect or a general contractor. You can also search for floor plans through books or online. Many builders have floor plans breadth for clients to choose from. Floor plans determine the style, size, features and the quality that you desire for your new home. Your floor plan will be your project’s baseline.

Get a Local Builder

Choose a local builder that handles construction projects that are comparable to yours in terms of style, size, features and quality. Finding a good builder is very important because it enables you to maintain proper timeline, execution and budget of your new building. The builder should tell you the cost for your construction project on the basis of cost per square foot. They should also give you an estimate or approximate idea of the cost of your project. It’s a wise idea to ask what is included in the cost of your project.

Get an Estimate Idea

Arriving at the exact figure for your construction project per square foot may be unrealistic. However, you can get a ballpark idea. Take the cost of the project as outlined by the builder then divide it by the square feet of the project. You may also compare your project with the completed projects in your area. However, they should have the same style, size, features and quality. Deduct the cost of the land then divide the figure by square footage of your project. This will enable you to determine whether the builder has given you a reasonable and competitive estimate.

It’s important that you leave room for additional costs like permit fees, site preparation and time of the year when you embark on the project. Also be proactive to ensure that you do not incur cost overruns.

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