4 Simple Ways on How to Estimate Construction Costs [Helpful Guide]
How to Estimate Construction Costs
There are many ways on how to estimate construction costs including estimation using the plinth area, hiring a professional expert (QS) to do estimates, getting the free quotation from several contractors as well as consulting your neighbor or relative who recently built.
Estimation of the cost of construction projects can be a very complex process containing many variable factors but having a rough idea of how much your new house will cost can help you to prepare financially for the highly demanding task that lies ahead of you.
Also Check >>How To Save Money When Building A House
Check these ways:
Estimate Construction Costs using Professional Quantity Surveyor.
You may need the services of a quantity surveyor for accurate and detailed construction estimates prepared in the pre-contract stage so that it can help you in cost control and planning before construction.
Construction Cost from Reputable Contractors
Many contractors may want to bid for your project and therefore may be willing to provide you with the FREE quotation. You can share your house drawings/plan with the contractors and they will provide you with the estimated cost if they are to implement it.
If the contractor has a good sound professional reputation, the cost they provide should be reasonably priced bids.
Estimate Construction Cost of Similar Projects
The easiest way that one can estimate how much their building will cost is by consulting someone (friends , relatives, neighbors…) who may have recently built a similar house in your area.
It is easy to find such a coincidence in housing projects that are similar in size, space provision, and finishes. This can really help you.
How to Estimate Construction Costs using Floor Area (plinth area)
The size of a house in terms of the floor area (plinth area) can be used to estimate the total construction cost. The more spacious the house is, the higher the plinth area and the building cost is done per square meter (SQM).
For example, if the cost per square meter in your local area is from Ksh.30,000, and the plinth area of a 3 bed-roomed bungalow is 100 SQM, then, the total costs will be 100m2 X Ksh.30,000/- = Ksh. 3M.
Area cost per square meter varies from one location to another as well as the type of finishing.
Also Check:>> How to Calculate Labour Cost When Building
Check the Construction Calculator below for your customized plinth area and finishes.CONSTRUCTION CALCULATOR
Types of Construction Cost
The cost of construction of a house can be divided into 5 categories.
- Land Cost: Cost of owning a land parcel for house construction
- Design Costs: This includes architectural, structural, and MEP design of the building
- Liaisoning Costs: Includes fees for county government approvals like government land survey, plan approval etc.
- Material Costs: Includes purchase of materials like cement, steel, sand, aggregate, bricks, blocks, tiles and other finishing materials
- Labour Costs: This includes the manpower costs for construction of the structure, brickwork, plastering, other finishing works, and external development (Like compound wall, landscaping etc)
Now where you can reduce the cost of construction purely depends on lifestyle choices. You can create a barely minimalist building or an executive bungalow to live in depending on your budget