The Importance of Conceptual Estimating

February 15, 2021 10:30 pm Published by Leave your thoughts

If you’re planning to take on a large construction project, it’s important to know that your planned undertaking is economically feasible. Before you spend any money on design work, you need to have a prediction of how much your project is likely to cost, and how well that estimate matches up with your budget. Read on to learn about how conceptual cost estimating works and how it can benefit your construction project in Indiana.

What is conceptual cost estimating?

A lot of time and effort go into constructing a building from scratch. The pre-design planning process is a crucial first step in turning your dreams for a building into reality. A trained professional takes into account your goals and your budget and suggests design changes that can help bring your initial concept in line with your budget.

What are the benefits of using conceptual cost estimating?

If you’re taking on a construction project in Indiana, a conceptual cost estimate provides the following benefits.

You’re able to get a general cost for your project

The primary benefit to conceptual cost estimating is that you get a general picture of how much your project will cost. It’s the first check you get against your budget, and it helps you make important design decisions that directly impact the look and feel of the finished building.

It helps guide design decisions

Generally, conceptual cost estimates are done before final design decisions are made. It’s common to start with a general design idea, including square footage, materials, site preparation and other important criteria. You might even have a general layout or simple blueprint for the project. The estimator looks at all these factors to provide you with a broad range of costs. In short, you’re able to refine your design based on the estimate. For example, if you’re already over budget and you haven’t selected finishes or fixtures, you’d need to adjust structural or spatial components of your design to bring the estimate in line with your budget.

If you’re in charge of a construction project, it’s your duty to make sure the design always stays within budget constraints. Always pay attention to any changes your design team makes to the plan and ask for a full explanation as to why those changes were made. It may be helpful to get more estimates as your project continues, since your overall costs become more defined the further you move through the project.

It saves you time and money

While conceptual cost estimating isn’t an exact science, a good estimator helps you see the impact of your design decisions early in the construction process. Every design adjustment that must be made costs you time and money. The sooner you can make meaningful design decisions, the less you’ll have to pay to architects and engineers.

A conceptual cost estimate is an important first step in constructing a building in Indiana. Reach out to Benchmark Fabricated Steel today to provide you with the guidance you need on your construction project.

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