Preliminary Estimate
What do we offer?
Do you have the following problems:
- Incomplete drawing plans sabotaging preliminary estimate
- Duty to prepare preliminary estimate but do not have complete requirements
- In need of preliminary estimate in order to determine the budget feasibility of the project
- Delayed quote prices from your suppliers
If you have any of the above problems, Estimation Co can completely help you out.
We can deliver a quick preliminary estimate with the square footage cost in the fastest turnaround. So, you can determine the feasibility of your project in the best possible way
Due to 15 years of experience in the AEC industry, and after completing several residential, commercial, and industrial projects, we can deliver reliable and defensible preliminary estimates. We come up with per square feet or square meter costs for finished projects as well as superstructures by utilizing professional estimating Software and our developed databases, RS Means and Craftsmen. Our location-based database and relations with local vendors help in performing the bill of material as accurately as possible.
Send us plans, and we will give you a quote in 5 minutes. Moreover, you will also get a 30% discount on the first estimate.
Preliminary estimate: what is it, and how does it help you?
A preliminary estimate is also called a conceptual estimate. It is a useful practice in order to determine the project cost before preparing detailed drawing plans. Thus, it provides the economic feasibility of any project prior to construction and development of complete feasibility based on actual prices.
A preliminary estimate helps contractors, real estate developers, home builders, and owners in making decisions for allocating funds, setting the preliminary budget, and comparing initial design alternatives.
When you do not have an actual design of the project, and you need to check the feasibility of your project before going deep into development, then you do it with a preliminary estimate. It is done with historical data of similar projects by adjusting prices, location, sizes, and conceptual additions. An estimator uses all engineering principles to deliver a preliminary estimate, helping project managers to decide the best and suggest the best to their clients.
There are several types of preliminary cost estimates that are employed at various stages in the lifecycle of the project. The accuracy of these estimates depends on the extent of the information provided by the client.
Rough order magnitude estimate
The first attempt to estimate in the project’s lifecycle is regarded as a rough order magnitude estimate or ROM. It is employed to analyze the feasibility of the project that contributes to the project’s selection and allocation. It has accuracy in the range of -50% to +50%.
Ballpark estimate
The Ballpark estimate helps contractors by defining the scope of work. It is presented to clients. So, they can make decisions while remaining under their budget. A Ballpark estimate is done on the basis of preliminary drawings and specifications, and its accuracy lies within 20% of the actual cost.
Budget estimate
When the project comes at the planning stage, then the budget estimate is done. Generally, it is prepared from past project’s plans and drawings. Budget estimate defines the costs associated with the major components of the projects in each line description, including materials and labor costs. Particularly, the budget estimate tells a figure within 10% to 25% of the actual cost of the project.
Definitive estimate
A definitive estimate is also known as a digital cost estimate, contains a detailed itemized list of components involved in the project. It is prepared by using thoroughly developed project plans and has an accuracy of -5% to +15%.
How can a preliminary estimate from Estimation Co benefit you?
Our estimates can help you in evaluating the initial cost to support in:
- Managing the budget and getting loans
- Setting the project cost limit for Architects and designers
- Getting the idea of probable amount and cost of material and labor.
- Planning the next phase.
- Allocating and negotiating with contractors and subcontractors.
What do you get in Estimation Co’ preliminary estimate?
The estimate consists of the breakdown of quantities, and the following divisions are considered:
- Preliminaries
- Substructures (footings, foundations, etc.)
- Superstructures (brickwork, walls, sidings, roofs, staircase, floors, doors, windows)
- External/Internal finishes (flooring, drywall, painting, etc.)
- Fittings
- Mechanical (HVAC systems, ductwork, etc.)
- Plumbing (pipes, drains, fixtures, etc.)
- Electrical (cable, conduit, lighting, etc.)
- Labor
- Man Hours
- Contingency
- Project Schedule
How does Estimation Co’ prepare a preliminary estimate?
- First, our estimators study and evaluate the information to analyze the scope of the project and produce an estimating plan.
- Then, the data of similar past projects is collected.
- The adjustments are applied with respect to time, location, and size. A contingency is also applied.
- All the specifications, adjustments, assumptions are mentioned in detail.
Detail of all factors contributing to the right estimate
While performing a bill of material based on previous projects’ data, we make assumptions and adjustments with respect to time, location, type, and size of the project.
- We modify the project cost to the time of the start of construction because these estimates are calculated two or more years in advance of construction; therefore, the cost must be identified with respect to the future. It is adjusted using a time index, which includes relative inflation or deflation with respect to time due to factors like labor rates, material costs, interest rates, etc.
- The anticipated project cost is evaluated with respect to location as the material and labor rates vary in different parts of the country. For this purpose, we employ our location index to national average cost to adjust the bill of material for a particular region or closest capital city.
- Project cost is also dependent on the type and size of the project. Here, we apply the size factor, which relates the proposed building area to the typical building area.
- The quality of the basic material required in the construction is also considered, e.g., brick veneer, CMU, framed, etc.)
Outsource preliminary estimate to us and get
- Reliable and precise estimates
- Affordable estimates
- Quick turnaround times (24 to 48 hours)
- Cost-effective monthly takeoff packages
- Expert estimators certified with ASPE, AACE, AIQS
- 24/7 customer support