Estimating Project Cost

Once you have the completed the final floor plan drawings, you can proceed with finding a contactor and obtaining any necessary building permits. General contractor candidates can provide detailed quotes based on the project drawings, and formulate accurate materials lists and costs. It is important that you request a detailed quote for the project, with costs for services, materials, and other expenses broken down. Don’t settle for just an estimate.

Quotes are firm. Estimates are not firm, and costs can drastically increase for a project. By requesting a firm quote, you are asking for a cost guarantee. Contactors will make allowance for cost over-runs in the quote.

Estimating the cost can be rather complicated: homeowners will need to know exactly what materials will be needed, and at what price. As mentioned earlier, specifics for lumber dimensions and quantities, hardware and fixtures, concrete, roofing materials, wiring, plumbing pipe and fixtures, floor coverings, sheetrock, siding, paint, appliances, and any other materials are required to help calculate project costs. Don’t forget to include all contracted services and building permit fees in the final figure.

The general contractor contract should specify who will be responsible for obtaining necessary permits. Usually the contractor is named; he is more knowledgeable about legal requirements and can answer questions from the building inspector more efficiently. As a rule several copies of your drawings should be submitted to the local building inspector for examination and approval.

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The Comprehensive Guide to Home Renovations