General Contractor Estimate
How We Do General Contractor Estimates
Estimating for general contractors involves preparing a detailed and accurate estimate of the costs involved in completing a construction project. To create an accurate estimate, general contractors should consider a number of factors, including:
1. The scope of work: Clearly define the scope of work to be completed, including all tasks, materials, and labor.
2. Material costs: Research and determine the cost of all materials needed for the project, including any specialty items.
3. Labor costs: Estimate the number of hours required for each task and multiply that by the hourly wage rate for each type of labor. Don’t forget to include benefits, overtime, and any other labor-related expenses.
4. Equipment costs: If the project requires the use of specialized equipment, factor in the cost to rent or purchase that equipment.
5. Overhead and profit: Don’t forget to include a percentage for overhead and profit in your estimate. Overhead includes expenses such as insurance, taxes, and office expenses. Profit is the amount you expect to make on the project.
To create a competitive bid, it’s important to carefully review the project specifications and requirements and conduct thorough research on material and labor costs. It’s also a good idea to review similar projects that you have completed in the past to get a sense of the costs involved.