How Do You Calculate the Cost of a New Building?

There are several ways you can calculate the estimated costs of a new commercial or luxury residential building. Often costs are discussed using a cost-per-square-foot basis. To understand more specifically how those numbers are derived, however, you need to see a detailed estimate. Construction costs will vary depending on the type of your commercial construction project, but here are some general factors that go into calculating the cost of a new construction project in South Florida.

  • Materials – Higher quality items will cost more than budget alternatives.
  • Labor – The demand for quality labor is high right now, which means costs have also followed suit.
  • Permitting – Miami-Dade has strict permitting processes and the associated fees and approvals must be accounted for during the budgeting process.
  • Site planning and preparation – Getting the job site ready for construction may require soil testing and other pre-construction efforts that add to your project’s overall costs.
  • Shell, framing, finishes and more – Next there will be a series of construction steps starting with building out the exterior shell. Every part of the multi-phased construction process is factored into the budget calculation, including labor, materials, overhead and profits.

General contractors rely on experience, relationships and data sources including construction software to pull together accurate construction cost estimates for new buildings. As projects become further fleshed out in design and scope, the cost estimates also become increasingly accurate. To learn about the five levels of construction cost estimates, you can read more here.

As you plan your new construction project in South Florida, give us a call at Seacoast Construction. We’ll help you understand the anticipated costs associated with a new residential or commercial building in Miami-Dade so you can best plan for your project. Get in touch with our team to schedule a free consultation to discuss your Miami buildout.

 

 

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