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Factors to keep in mind for estimating house construction cost

Date: 11 Aug, 2020

Estimation of any project requires certain skills and good knowledge about the domain. And one of the most difficult projects to estimate are the construction projects, especially when you are looking at constructing your own house. The numbers of factors that are involved in the construction project are quite a few; also there is a question of dependency on various people for the same. Finally, it is the building material estimate cost that varies as per fluctuations in the market. In short, it means that a construction cost calculator is composed of many variables and every variable need to be accurately estimated for the final house construction cost estimator.

Some factors that should be considered

Let us now look at how some of the factors will affect your construction project or your building cost estimator.

Referencing 

The best way to start an estimate is by using a reference. Try to find a recently completed project which had the same or similar to your project that needs to be estimated. This similar project then forms the basis for your building construction cost estimator calculations. The final cost that you will be using would have accounted for the latest building material estimate cost and also considered the latest and most recent cost indices.

Building material estimate cost

This is one of the biggest variables/factors affecting the building cost estimator. This factor is in itself composed of other variables, like the actual material cost, the shipping rates, the various taxes that would be levied, and so on. Hence while working on this factor you need to ensure that each variable related to the building material has been accounted for.

Labor Wages

To be able to work on the construction cost calculator correctly with this factor, you need to ensure you know the exact labor rates for the area, where the construction would be taking place. Also, another crucial element of this cost estimate is the duration of the project. You need to know and understand how long exactly the construction to be completed.

The scale of the project 

Another very crucial factor that can affect the entire construction cost calculator is understanding the actual size and scope of the project. If the project is large, labor and material costs would increase drastically. Also along with the increase in cost, it becomes extremely important to be able to acquire the required number of people for the workforce for the timely completion of the project. If the number is not met along with the required skills the estimates and the costs will be impacted.

A thorough review of the entire project

Ensure that you get the entire project reviewed by a technical person or an engineer, to ensure the optimal use of resources and the maintenance costs will not affect the project in any way. Also, the review costs need to be part of the building cost estimator.

Conclusion

In the end, even after all the various factors have been accounted for, there is bound to be some variation. There could be some unforeseen cost, inflation in the building material estimate cost, or the labor wages, which will cause the house construction cost estimator to go higher. Hence it is a good practice to keep a contingency of 10% over and above the actual project cost. And the shorter route out would be using the Nuvoco house construction cost calculator for making better decisions.

Nuvoco Vistas Corp. Ltd.

Nuvoco Vistas Corp. Ltd. has been a part of the Indian construction landscape since 1999; through its cement business. We currently have six cement and close to sixty five ready mix concrete plants in India. We have an established presence across all major cities and towns in India. Our operations across two business divisions Read More

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