How to Avoid Common Mistakes in Construction Estimation

Construction estimation is the most critical and challenging process in a construction project. Accurate estimation can lead to project success, whereas an inaccurate estimate can lead to disaster. However, a minor mistake can destroy the overall progress of your construction project. Therefore, making construction estimations is critical to making sure everything is clear. 

By reading this comprehensive article, you will be able to understand the common mistakes in any construction estimation and how to avoid them. We will also highlight the best available construction estimating services NYC. Let’s explore some common errors in the construction estimation process and how you can avoid them. 

Common Mistakes in Construction Estimation:

Construction estimation guarantees that you can execute your projects within time and budget. However, an inaccurate estimation can cause unwanted delays in terms of time and budget. Thus, it would help if you avoided construction estimation mistakes to manage your projects more effectively.

• Inaccurate Estimates:

Inaccurate estimation is one of the significant things that project managers need to correct when creating construction estimates. Inaccurate estimates can be more problematic when not having a definitive project schedule before making a budget. Additionally, looking for lower bids can cause significant losses in the long run because, initially, it might please your stakeholders with low prices but can damage your project’s overall progress. Planning and scheduling are two critical factors in construction estimates. Failing to miss out on planning and scheduling can slow down your project, which could bust it. 

However, you can get help from professional construction estimation services such as My Virtual Estimators to avoid inaccurate estimates. You can also use construction estimating software to avoid inaccurate mistakes in your construction projects. 

• Underestimating Labor Costs:

Labor and material costs are interrelated factors that must be addressed while estimating construction. However, labor costs are difficult to estimate, but ignoring them can cause unwanted delays and double your cost as the project progresses. Therefore, when calculating the labor cost, you must know the number of workers, type, and hours required for a specific job. Additionally, make sure you include tax implications when adding subcontractors. Thus, effectively estimating your labor guarantees your project success, whereas failing to estimate labor costs can lead to substantial losses in terms of delays and finances as the project advances. 

• No Risk Assessment:

Every construction project has risks that should be ignored when estimating. However, estimating is an integral part of the process that helps the construction managers plan and mitigate all the potential problems that might affect the project. Failing to assess the risk level can seriously damage the project’s overall progress and profitability. Evaluating the risk can determine whether a project is worth bidding on. Here are some of the common risks that you should consider when making a construction cost estimation. 

• Project Pricing Flexibility 
• Types Of Material Required
• Are the Materials Subject to Price Fluctuations?
• Weather And Seasonality
• Site Visit To Collect The Actual Data

• Inaccurate Budgeting:

Budgeting is an essential part of construction work. To provide accurate customer quotes, consider the material, labor, supplier, and customer variables. Most construction managers and contractors make mistakes when creating a project budget. However, budgeting is a vast term that requires considering many things, such as labor, material, equipment, and supplier costs, and failing to miss a tiny detail. In contrast, budgeting can destroy the project’s overall budget and cause unwanted delays and final losses. 

To avoid accessory budgeting mistakes in your construction estimation, you must consider all the project costs in detail, such as labor, supplier, and customer variables. This way, you can make more accurate construction cost estimations and avoid underestimating your expenses. Estimating software can also help you get more specific details, such as cost per square foot, per hour of labor, etc. 

• Not Visiting The Site:

Relying on prior experience alone can be risky. A site visit can help ensure estimators don’t make assumptions that could lead to costly mistakes. Not visiting the site is one of the biggest mistakes construction estimators or managers make while estimating. However, before going for a bid meeting, visit the site to see the actual site to increase your chances of bidding more realistically. An unknown site can bring unknown issues that affect your overall estimation report. Therefore, you should not rely upon your experience because every project and site is unique. Visiting the site brings you closer to the story, including topography, grading and drainage issues, and labor sources. Some of the precautions that you should consider while making a site visit are: 

• Examine the Landscape.
• Collect Soil Bore Samples.
• Check Road Access.
• Check Available Space for Equipment and Materials.
• Take Accurate Measurements

If you have any questions or issues about the site, you can also involve the subcontractors and the construction manager. 

Bottom Line:

Accurate construction estimation is the gateway to a successful construction project. In contrast, inaccurate estimates can lead to unwanted delays and substantial financial losses that might disrupt a project’s profitability. Whether you are a construction manager or builder, avoiding common mistakes while making a construction estimation can help you complete your project within your desired time and budget constraints. However, you can make more effective and accurate estimates by preventing inaccurate estimates, labor costs, risk assessment, budgeting, and not visiting the site. 

If you are in New York and looking for accurate, reliable, and affordable construction cost estimation services, My Virtual Estimator is here to assist you. With years of experience working in the New York region, they are the perfect people to contact for all your construction estimate needs. They are people to contact without hesitation if you want to advance your construction game to the next level. Their skilled and experienced construction estimators are always ready to go the extra mile to assist you with the best services available in town!