How does construction cost estimating work? Do contractors pull the numbers out of thin air or is there an actual method they use to get the numbers to repair my house?
"Non Engineer" Answer: Yes, there is a method to the madness.
Explanation: A construction estimate is based on the cost of materials, equipment and labor used to complete a project. Estimates can be reached by calculating these numbers by hand, or by using construction estimating software such as Xatimate.
Professionals who choose to calculate construction estimates by hand do their own research by checking prices of materials and equipment locally and reaching an average cost of each. For example, if the cost of (1) 2x4 is $2.97 at the local Home Depot, the professional will use that and multiply it by the estimated number of 2x4s needed to complete the job at hand and so on. Labor costs are typically based off of what an individual company charges hourly for their workers to perform tasks at hand and multiplied by the number of hours expected to complete the job.
Using software like Xatimate can speed this process up by allowing the estimator to put in specific information about the project and then let the software calculate a construction estimate for the user. Estimating software companies have a team of their own professionals that gather averages in specific regions so the cost estimates are based off of regional averages for materials, equipment and labor.
Commentary: It is important to remember that whether your construction estimator uses estimating software or crunches numbers themselves, getting a second and third estimate is always wise to guard against unscrupulous individuals. And always make sure that your contractor is properly licensed and insured (as previously discussed).
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