You usually prepare estimates with the input of architects and engineers to ensure that a project meets financial feasibility and scope requirements.Ī good cost estimate prevents the builder from losing money and helps the customer avoid overpaying. Contractors use them when deciding whether to bid on a project. Project owners use cost estimates to determine a project’s scope and feasibility and to allocate budgets. Clients considering large projects often seek multiple cost estimates, including those prepared by contractors and those calculated by independent estimators. That’s why they devote time and effort to estimating how much a project will cost before deciding to move forward with it. Of course, builders and clients both worry about the financial impact of cost overruns and failing to complete a project. No-code required.Ĭonstruction cost estimating is the process of forecasting the cost of building a physical structure.
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