8 types of construction cost estimates
Construction cost estimates can either be prepared by considering the item in detail or can be calculated approximately without going into much detail. Based on these critiques, the cost is estimated primarily after 8 construction works.
1. Preliminary Cost estimate
2. Plinth Area Cost Estimation
3. cube Rate cost Estimate
4. Approximate Quantity Method Cost Estimation
5. Detailed cost estimation
6. Revised cost estimate
7. Supplementary cost estimation
8. Annual repair cost estimate
1. Preliminary Cost estimate
Initial cost estimates are also called abstract costs estimates or cost estimates or budget estimates. This estimate is usually prepared in the initial stages to know the expected value of the project. With this estimate, the authorized approval authority can decide the financial status and policy of the administration section.In practice, preliminary estimates are made with respect to the cost of similar projects. In this estimation, the estimated cost of each important item of work is shown individually to know the need and utility of each work item. Work items include cost of land, road cost, power supply, water supply costs, cost of each building, etc.
2. Plinth Area Cost Estimation
The plots area cost is calculated based on the readiness area of the building, which is the area covered by the external dimensions of the building and the patent area rate of the building, which is similar to the description of the same place.
Plinth area estimates are obtained by multiplying the paltry area of the building with the plot area rate. For example, if we need to estimate 100 sq m in a particular area and fifteen areas of a building in that area is 2000 sq m, then the plot area is 100 X 2000 = 200000.
Open areas, courtyards, etc. are not included in the plot area. If the building is multi-story, an estimate of the plot area for each floor level is prepared separately.
3. cube Rate cost Estimate
The cubic rate cost of a building is calculated by multiplying the plot font area with the height of the building. The height of the building should be considered from floor level to roof level. It is more suitable for multi-storeyed buildings.This estimation method is accurate to the exact area method. The rate per cubic meter is taken into account by the cost of similar buildings located in this location. Such estimates do not take into account the foundation, the ceiling level, and the parapet.
4. Approximate Quantity Method Cost Estimation
Estimation In quantitative method cost estimation, the total wall of the structure is measured and the length is multiplied by the rate of running meter, which costs the building. The rate per running meter is calculated separately for the foundation and superstructure.On a case-by-case basis, the rate per running meter is decided by considering the top such as excavation cost, brickwork cost. While deciding the rate per running meter in terms of the amount of superstructure like wall work, woodwork, flooring, etc., for walls.
5. Detailed cost estimation
A cost estimate is prepared when the competent administrative authority approves the preliminary estimates. This is a very accurate estimate. The quantity of work items is measured and the cost of each work item is calculated separately.Prices for different items are provided according to current viable rates and the total estimated cost is calculated. 3 to 5% of the estimated cost is included as a miscellaneous expense for emergencies.
Detailed evaluation should include the following details and documentation.
- Report
- General Specifications
- Detailed details
- Drawings / Plans - layout plans, elevations, section ideas, detailed drawings and more.
- Design and calculation - Design of foundations, beams, slabs, etc. in the form of buildings
- Price schedules
6. Revised cost estimate
The revised cost estimate is a detailed estimate and is prepared when the original approved estimate costs 5% or more.This increase may be due to a sudden increase in the cost of materials, the cost of transportation, etc. The reason behind revising the estimate should be on the last page of the revised estimate.
7. Supplementary cost estimation
The additional cost estimate is a detailed estimate and is prepared at the time of the fresh work when additional work is required during the actual work in progress. The estimation sheet should contain the actual cost of the work as well as the total cost of the work, which requires approval.8. Annual repair cost estimate
The annual repair cost estimate is also called the annual estimate, which is designed to know the cost of building maintenance that will keep the structure in a safe condition. White washing, painting, minor repairs, etc. are also taken into consideration when preparing annual repairs to a building.Learn more about….