There are a few different classification systems used when estimating commercial construction projects. Typically, a five-level cost estimation system is used. To learn more about the five classes of cost estimates, be sure to read this post.
When the five-class system is not used, there is a three-category system that may be used. Below we’ll explain the three types of construction cost estimates and how they are used.
Design estimates are first prepared at the very outset of a project – during the pre-design and design phases of the project. Several iterations of design estimates follow, and they correspond to the project’s stage. As expected, they become increasingly more detailed as the project and design become finalized.
Created by contractors for bidding or negotiation, the bid estimate factors in direct construction costs, material expenses, subcontracting quotes, supervision costs, and overhead and profit calculations.
Control estimates are an important part of the construction process itself and are useful in monitoring construction costs once the project is underway.
To learn more about the different types of construction cost estimates and how they are used in South Florida commercial construction projects, please contact our team at Seacoast Construction. We have more than two decades of experience working in the local market and are here to help make your project a success.
- test :