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Cost estimation is the cornerstone of every construction project. To maximize the profitability of a project, a builder must have access to accurate financial estimation. Then, they need to take a critical look at materials and design choices and look for options to increase value while reducing costs.
Without accurate cost estimation, it is hardly possible to maintain a feasible budget for construction projects. Not just that, extensive estimate calculations enable a builder to procure the right kind of financing for a project. Also, it enables a builder to make quick yet well-informed decisions about changes in the project.
Now, the question is how to arrive at a reliable cost estimate that will steer an individual builder or a real estate conglomerate in the right direction. Let's find out!
Cost estimation for construction projects is neither a one-time thing nor a one-off activity. Different estimate levels pop up at varying stages of the project. The first step to getting things right is keeping your estimator close and doing a thorough rain-check from time to time.
In many cases, actual costs may exceed estimated costs due to certain variables such as price changes, governmental regulations, etc. Therefore, various aspects of the project must be considered independently before arriving at a definitive estimate. The more common aspects of construction costs include -
While cost estimations are invaluable for budget allocation in construction projects, there are several pitfalls in the calculation methods. From glitches in raw data to unreliable service providers, there can be several reasons for inaccuracies in the calculations. Let us look at some of the most common ones -
Most construction megaprojects stretch over several years. The estimations made at the beginning of the project may vary from the outcomes if the cost calculations are not updated from time to time.
Wherever human resources are involved; it is difficult to predict costs accurately. Factors like work efficiency, methods, and coordination between teams vary from instance to instance.
This is the main reason for discrepancies in cost estimations. Estimators who are new may not consider all the factors involved. Sometimes, they may use outdated methodologies to arrive at the cost estimations.
Accurate building cost estimation will consider every minor detail involved during a construction project and is your key to bidding and winning more projects. A reputed and professional building cost estimator should be able to cover everything from new construction to general repair, facility maintenance, green buildings, etc. while maintaining an exhaustive database of unit costs adjustable for any location.
Flatworld Solutions has 18 years of experience providing cost estimation services to real estate builders. We cater to 18,000+ clients in 160+ countries. You can rely on the quality and precision of our cost estimation services. We arrive at the most cost-effective building plan, ensuring long-term success for your company. The advantages of outsourcing to us include -
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