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Estimating Construction Cost

Whether you are building a new home or planning a new edition to an existing structure, you need to start with a budget. There is no point in creating elaborate building models or addition plans if you can’t afford to put those ideas into action.  Estimating construction costs is one of the most important things you can do when entering such an undertaking.

Building construction is organized in specific phases. Phase one of development involves creating an idea. You have a vision of what you want but you also need to balance your concepts with your budget. Estimating construction costs would have to be included in phase one of development in order to keep your design realistic and attainable.

You can begin by putting your ideas on paper. It is good practice to make several drawings that include various options because estimating construction costs is a little more difficult than you would expect it to be. Having a number of options is helpful in finding a building plan that meets your needs as well as your budget.

Estimating construction costs is not very easy because sometimes little problem show up at unexpected times. You may discover that you have some structural problems in the foundation of your home. This needs to be address immediately before moving on with the project.

This very thing happened to my brother when he decided to build an addition on his home. He had finished estimating construction costs and he even added 5,000 dollars on top of the estimate just to have a little cushion. The buffer is also good practice when estimating construction costs but sometimes it just isn’t enough.

The building company discovered that there was structural damage to one of the basement walls. The entire wall needed to be replaced. Estimating construction costs for this initial project was a painful process because it dipped into the funds for the addition. My brother found that replacing the basement wall would cost between seven and ten thousand dollars.

Actually, he was very fortunate that he was planning to build and addition because he would have never noticed the structural damage in his basement. He did spend more than he planned when estimating construction costs but taking care of this fundamental problem saved him a lot of hassle in the long run.

When you begin estimating construction costs you may open a can of worms but you also may save your house from severe structural problems as well.


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