In the construction industry, achieving an accurate estimate on the project you’re about to embark on is vital to completing it as efficiently as possible. Thankfully, there are more than a handful of techniques and strategies you can use to ensure you’re getting the most accurate assessment possible.
If you’re looking to begin a construction project and have yet to perform your estimates, or you want to be informed for future projects, here are 5 ways you can make sure that your estimates are spot-on.
1. CAD Software
Integrating CAD software into your construction planning is vital to being as accurate as possible. Whether you use metal studs vs wood studs, companies like CAD Cabin and others offer comprehensive software programs that allow you to do floor planning, roof designing, bathroom/kitchen designing, house extensions, 3D modeling and more.
This software is much faster and more accurate than regular pen and paper blueprints, and allows for effortless submission to the requisite authorities for approval as well. CAD Cabin will even draw your plans for you if you would prefer it that way.
2. Add and Analyze the Risks
Every project has risks involved. If not accounted for, these risks can cut into your profit margin big time. So, look back and see what risks have commonly befallen you in previous projects. It’s better to be safe than sorry in this case, as a bigger upfront budget that doesn’t go to use is better than having to put in new orders and update completion estimates on the fly.
3. Have a Clear Understanding of Materials Costs
This is crucial to getting an accurate project estimate. Many things can play into the cost of materials, including seasonal fluctuation, varying distributor prices, and more. Make sure you know exactly how much your materials will cost right down to the penny before you place an order.
4. Accurately Determine Your Equipment Needs
This can mean choosing between renting and buying equipment, as well as making sure that your equipment is able to successfully interface with other pieces of equipment on the job site. The type, size, and capacity of each piece of equipment should be thoroughly documented before finalizing an estimate. This includes screeding tools, frieze board, and other pieces of equipment.
5. Look Back to Past Projects
The best way to anticipate the costs and create an accurate projection for a project is to draw from your personal experience or the experience of others around you. Look back at similar projects to see what unknown factors came into play, and where you could have improved in your preparations.
6. Leave No Stone Unturned
The estimate for a construction project will play a big part in helping you maximize your profit margin. You don’t want to set aside too much money, but you also definitely don’t want to under-budget. By following the tips in this article, you can ensure that your next project estimate is as accurate as possible and all your bases are covered, even if unforeseen circumstances arise.