How to Estimate Construction Bids
Miscalculating a single element of a construction bid can be a deadly mistake. As a contractor, you understand the implications of this costly mistake if it happens every so often. If this mistake is repeated too much, the risk of bankrupting your company is here. It is then very important to keep in mind a few things when estimating construction jobs. Find below some things you should estimate construction bids.
Research is vital and very necessary. Enlist the assistance of a few professionals to get an estimate of the materials. Write this down and then look for the best priced quotations for the materials. It is important to check what is available online as well. It is also wise to check what other contractors are saying about this by looking through the social media pages, online forums and blogs. So as to make a great estimated construction bid, it is best to have enough information first.
Chances are, you have seen the project plan and have seen the scope of work. This is not enough for you to make the best estimate, go through the plan and the specifications in detail so that you know the project in and out. There could be some discrepancies between the plan and the specifications given for the project, you can only notice this if you thoroughly study the plan. You can contact the client and ask for a tour of the project area for analysis.
It is never stupid to ask a question so if you have one, make sure to ask. If there is something you don’t understand, you better ask instead of making a mistake and losing the bid. It is easier to make an estimation of a smaller portion of the project because you don’t have so much to consider. Estimating the whole project will be difficult because of everything you have to take into account. Smaller divisions are easier to estimate.
You should at all times when estimating bids consider the duration that the entire project shall take until completion. You should calculate and have a realistic measure of time that the project shall take. Have an idea of the time to be taken for the whole project to be complete. You should consider adding extra time so as to not underestimate the normal time when having doubts about the time to be taken for the entire project to be complete. To avoid financial hitches, have an accurate measure of time. You shouldn’t go back to the drawing board to add more money for the project just because of underestimating the factor of time.
Another key element to keep in mind is the total cost of the project. How much shall it cost for the construction to be complete? You should include even the minute things that you believe are not important. Having the correct figure to be spent and accurate measure of time for the entire project to be complete, guarantees a successful bidding estimation.