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If your business is getting ready to expand, and has a large and detailed construction project coming up that includes unique construction efforts such as building tunnels, waterways or large buildings, it is important to know what to look for when reviewing construction cost estimates.
#1 Well Detailed Proposal
The first thing that you want to look for when reviewing a construction estimate is how detailed the estimate is. You want to make sure that they are not just giving you a review of the project, but are actually providing you with a detailed cost analysis of the project. As you review the proposal, make sure that the proposal details each step of the project, as well as the cost of supplies, equipment and labor for each step of the project.
If the construction estimate seems to general, it probably is. Estimates that are too general and don't go into details often ignore important costs that need to be taken into consideration, resulting in hidden costs in the future.
#2 Detailed Labor Costs
Second, make sure that the labor costs are well detailed in the proposal. Labor costs can be difficult to figure out, especially because many construction works are part of unions or get salaries instead of hourly wages. These costs can be further complicated by the use of subcontractors as well.
Make sure that in the proposal, the company spells out who they are using for labor. If they are using a subcontractor, make sure that the subcontractors labor rates are clearly defined. If they are using their own contractors, make sure that they detail the level of experience and pay that their contractors will generate in the proposal.
Labor costs can be the most difficult to predict and can be controlled with a more detailed proposal.
#3 Supply Sourcing
Finally, make sure that the supply sources are clearly defined. That means stating where the supplies will be coming from. When you can see where the supplies are coming from, you can determine the quality of the supplies. This will allow you to determine if the best supplies are being used for your project and will also allow you to determine if you can save any costs by going with different suppliers.
When looking over construction quotes for your next big project, make sure that they are detailed and provide information about where the labor and supplies are coming from. Additionally, if you are not familiar with the type of construction that you are reviewing the quote for, you may want to bring in an outside source with more expertise to review the quote with you. Consider a company such as Wirthlin Consulting Group.Share
19 July 2017