Tips for Estimating Construction Bids
One of the major mistakes a lot of people make is the miscalculating of a few things on a bid ending up in a lost bid. If you are a contractor, you know how expensive this mistake is. You will keep losing the bids every time and end up bankrupt. Considering some few factors when estimating construction bids then becomes very important. Find below some things you should estimate construction bids.
First it is important to do some research. Involve professionals to get the estimate of the materials. Write this down and then look for the best priced quotations for the materials. Check what the internet has on this and learn as much as you can. It is also wise to check what other contractors are saying about this by looking through the social media pages, online forums and blogs. It is vital to be armed with the right information so as to make a well-balanced bid.
It goes without saying that you have already seen the plan for the project and have an idea of what it entails. You can only be able to make an estimate when you have all the information about the project. You might find some discrepancies with the plan if you study it carefully. If the owner allows you to, take a tour and consider the whole project.
Asking questions shows that you are keen on detail and want to learn more. You will be wiser to ask a question because if you don’t, you might make a wrong estimation and lose the bid. It is easier to make an estimation of a smaller portion of the project because you don’t have so much to consider. When you are estimating the whole project, it is easy to miss out on some things which will render your entire estimation wrong. Smaller divisions are easier to estimate.
When estimating construction bids, it is essential to factor in the key element of time. You should calculate and have a realistic measure of time that the project shall take. In essence, it is imperative to consider knowing the exact time the project shall take to complete. It is highly recommended that in case any doubt arises, you should consider adding extra time so as to not underestimate the normal time. Estimating construction bids requires an accurate measure of time so as to avoid having financial hitches and underestimating the time required. To avoid seeking extra funds, have the measure of time correct at every stage of the project.
In your budget, do not forget to include every single dime you shall spend on the project even as time goes by. You should know the amount of money you shall incur for the project. You should include even the minute things that you believe are not important. Your bidding process shall be made easier.