Without mincing words, having a budget for a construction project plays a crucial role in the success of such a project. This is because it details the overall costs of the project thereby ensuring that the construction project does not exceed the desired budgetary provision.
Also, it allows the construction project team to make a substantial profit from the project. However, there can be no construction budget without estimating the cost of the construction project.
Generally, what comes to the minds of most project teams is the construction cost estimate template Excel to create the cost of their construction project management.
Construction cost estimate template is a useful tool for project teams in drawing a cost estimate of their project thereby assisting them in avoiding problems in creating a construction cost estimate.
However, there are other tools other than the construction cost estimate template Excel with ease of use feature in creating an estimate of the cost of the total activities that will be executed in a project.
These construction cost estimate templates are essential for communicating the detailed breakdown of the estimate of a construction project. They will painstakingly split up the project cost and they will help you in identifying the resources and manpower required for the execution of your project.
The use of these templates allows you to achieve earned value management that helps you in achieving great value for your money. It prevents you from overpaying for the cost you are bound to incur in the project.
The construction cost estimate template is useful for tracking the performance of the construction project against the total time and cost estimate.
Furthermore, the construction cost estimate templates are easily downloadable, easy to use and will enhance your understanding of the cost estimation needed for the entire construction process.
Also, the construction cost estimating spreadsheets help the construction project management team in breaking the project into the following phases and attach the corresponding cost to them:
- Commissioning phase: here the verification process is carried out. It includes the creation of the project design that meets the requirements of the client.
- Determination of the construction requirements: this addresses the planning phase of the construction project. It defines the functions of the project requirements, how much they will cost and where the project will be sited.
- Constituting the design team: here, the client will contract the architect who will choose other specialized experts to constitute the design team
- Structural design: the architect will put together a series of structural designs for the project. The architect will work together with the client and later work closely with the design team members to create the design that will meet the desired construction specification.
- Invitation of bids depending on the scope of the project: in this, after the finalization of the construction documents, contractors will be invited to tender their bids
- The signing of the construction contract: after the selection of the contractor, the contractor and client will sign the necessary document that will serve as the legal contract between them.
- Construction: here, the contractor supervises the project with his team following the construction documents. In the course of the construction phase, the onus is on the contractor to practice project cost control, compare the actual expenditure with the predicted expenditure at multiple points during the project execution.
- Construction close-out: here, the contractor will provide the architect with the punch list which is the list of the incompetent work or required corrections. Then, the architect will do an inspection of the structure and state other inputs that could be added.
Furthermore, the construction cost estimate templates are embedded with content that will guide you on what should be included in your estimation.
How to use a construction cost estimate template
How to use a construction value estimate template
- Put together all the things for the development project and compile them.
- Attach a cost to every point.
- Sum up all of your quantity or numbers
- Ensure that it is examined by another person that is well versed in doing this.
One of the tools that can be used by the construction project management team is Sinnaps, an online project management tool. It is a planning tool that can aid you in estimating the cost of your construction project by an emphasis on the real-time availability of project resources.
Also, it will help you in visualizing the planned cost of your project to ensure that nothing vital is left out. Again, you can practice continuous evaluation of your project with Sinnaps and thus assisting you in maintaining real-time control over the project cost and time.
Residential construction estimating spreadsheets
Residential construction is an arm of engineering that requires precision and the task of estimating its cost is tedious when it is done without the right tool or done manually.
With residential construction estimating spreadsheets, the project team is afforded an easily downloadable tool that can automate the initial pre-contract activity of labor and materials cost calculations.
The use of residential construction estimating spreadsheets will aid you in preparing accurate bid proposals that are required to execute a project profitably and assist you in earning the trust of your clients.
The construction estimating spreadsheets will save you a lot of time from manual calculations because they have an easy interface that can handle complex and multiple calculations. With this, you easily deduce the total material and labor cost and at the same time, you can make adjustments to overall costs.
The spreadsheets can be customized, easily edited and saved in different formats for the use of the team. Again, they come with detailed information about the construction scope of work and materials to be used in the construction exercise.
Construction estimate template Excel
Before the execution of a construction project, there is a need to estimate the required components of the project.
Construction estimate template Excel is all you need to carry out the approximate calculations of the budget, raw materials, and other resources that are needed to undertake the project.
The construction cost estimating spreadsheets are useful for both building and remodeling projects. You are provided with a checklist for budgeting which allows vital items to be included in the preliminary budget.
Also, it helps in tracking payments and amounts due to all vendors and subcontractors.
In a building estimate Excel sheet, you have an easy to download and use spreadsheets for preparing the estimate of a project. It will ensure that you list out all the necessary items that should be included in the building project.
The project cost estimation template in Excel is useful in communicating the project cost to your clients. It will aid you in understanding the different stages of project development and how much each stage of the project will cost.
The task of achieving ease in construction project management is achieved with construction Gantt chart software. It allows you to gain insight into the project. It is useful to create and manage construction schedules and can track changes in the project. It assists you in spotting risks that could pose a threat to the success of your project thereby allowing you and your team members to address them on time.