Estimate !!!! Don’t Guess-timate
Too many times I have seen clients go well over budget. Whether it is $2000 dollars on a $10,000-dollar small job or $200,000 on a $1,000,000 dollar home.
At the end of the day it is still 20%. Think of it that way. When estimating allow for 5% plus or minus you estimator’s bill of materials and labour expenses but also make sure you don’t forget your contingency fund. This will all depend on your overall budget.
Why 5%? Well usually a contractor doesn’t win a job at the highest price, it’s whether or not the price is right!!!
So hiring an estimator for a few hundred bucks or a few thousand depending on the scale of your project is definitely a recommendation. This gives you some leeway when negotiating labour and material prices with contactors and builder suppliers.
So here are 5 Key facts that may help when looking for, or dealing with an Estimator or Quantity Surveyor:
- Seek someone who specialises in what you are looking for. A lot of the better Estimators use Software, but an in-depth knowledge and expert experience will be very valuable in achieving a more accurate estimate.
- Be on the same page. Show them your plans and explain what you expect from the project. The estimator will be able to tell you what is viable, and what is not, within your budget.
- Make sure the estimator you choose will liaise with your architect. This will make it easier for you to get the finishes and final Project Outcome you want. Sometimes an architect’s impression of what you may want may not match what you have in your Bank.
- Be prepared to be SHOCKED!!! Many people don’t understand the expenses that are not seen throughout a build. This is why an estimator is your “friend” not “foe” and will guide you in the right direction.
- Don’t Guesstimate- If something is usually too good to be true it usually is. Get a second opinion and see if there are any costings or quantities that don’t add up. Get a break down of all costings and quantities to compare.
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