How to Estimate the Cost of Building a New Home

This will serve as a help guide by providing some tipsEither way you are paying for someone to review
and techniques for estimating the cost of building athe plans and quantify what is needed to build the
new home. As an expert residential estimator thereproject.
are many things to consider before you beginIf you have your lumber yard quantify the material
estimating.remember he is trying to win the job so he may
Construction estimating can be difficult and it doesprovide a takeoff that is too tight. This does not
require a high level of accuracy and detail. It alsobenefit you if you have to keep reordering more
requires good math skills and a little geometrylumber. The obvious answer to this is to have your
knowledge. It requires the ability to read andframer put together the lumber list for you. Well that
understand construction drawings and details anddoes not work either because he will over order so
how they are applied. Basic construction knowledgehe does not run out of material and have to make
helps and being familiar with the local building codes.additional trips to finish. They want to finish as fast
You may want to enroll in a construction estimatingas possible so it can get inspected and they can get
course at the local college or technical school. Anotherpaid. The bottom line is neither are working in your
option is to purchase an estimating manual from yourbest interest.
local bookstore or go to estimating.org which offersI recommend you do not attempt to quantify the
online courses and has a bookstore.materials yourself. I have outlined valid reasons why.
One of the rules that I have learned along the way isIt is very technical and requires someone with years
the old saying, "measure twice cut once." Wheneverof estimating experience combined with hands on
I do a takeoff or an estimate I always follow thisfield experience.
rule in order to help minimize mistakes.Soliciting Bids
What will you need to put an estimate together?This part of preparing an estimate can be done by
You will need a notepad, a calculator, an architecturalmost anyone. I suggest you contact your local
scale, and an engineering scale. These are the basicbuilder's association to get subcontractor referrals or
tools you need to put an estimate together.use Angie's List, which prescreens contractors as well
Architectural & Structural DrawingsYou may have heard the term RFQ - Request for
Now you are ready to open the plans and begin toQuote. You want to solicit at least contractors. Most
review them. The easiest thing to do is look thempeople will say three bids, so why do I recommend
over and get a feel for the basic building concept.five bids? Let's say you contact five contractors and
You should get familiar with the information that isall five contractors bid the project. You got to figure
contained on each sheet.one will be the high bid and one will be the low bid. So
Most construction projects have a set ofthose should be set to the side because chances are
architectural drawings and a set of structuralthe low bid is probably missing something and the
drawings. I will explain the difference between thehigh bid is priced too high. The remaining three bids
two.should be reviewed thoroughly to make sure you are
It is important that the plans are to scale and have allcomparing apples to apples.
the required details and wall sections needed toWhen you contact all the subcontractors that you
properly estimate from.want to bid your project be sure to give them a bid
What is typically included in a complete set ofdue date. That way you do not have to chase them.
architectural plans? The drawings at a minimum needGive them a reasonable amount of time to review
to contain the following sheets: a title/cover sheet, athe plans and specifications, typically a week or two.
site plan, a floor plan, a foundation plan, fourAnalyzing the Bids
elevations, a roof plan, an electrical plan, a sheet withFirst organize all your bids by trade, such as putting all
a typical wall section, a sheet with the window andyour electrical bids together. A three ring binder with
door schedules, and a sheet with the necessarydividers and tabbed with each category is a good
building and architectural details.way to organize all the bids.
The structural drawings are drawn by a structuralOnce you receive the bids you need to read them
engineer, not the architect, unless the architecturalcarefully and review them against the plans and
firm has an in-house engineer. Any interior shear wallspecifications. They should have the project
or bearing wall is detailed on these drawings.information and the date. They need to be detailed
The engineer calculates all the uplift and bearing loadsand itemized. The cabinet bid should not say
of the roof trusses on all the interior and exterior."cabinets". Instead it should list and quantify all the
After doing the calculations they determine whichcabinets by finish, style, size, and location, example 15
walls are shear or bearing or both and what islnft of 42" oak raised panel kitchen cabinets, 1/ea 60"
required to properly support those uplift and ormelamine master bath cabinet, 1/ea 36" melamine hall
bearing loads. The engineer will put a structural notebath cabinet, etc. If it does not include the
on any wall that is bearing or shear. The note willcountertops it should state that so there is no
indicate the sheet number and detail numbermisrepresentation.
illustrating how that wall needs to be built.When a proposal needs to be revised, make sure it
A load bearing wall for example could have astates the revision date or states "revised". That
thickened concrete footer with two pieces of steelway when you compile the bids and you need to
and the wall above it may need to be framed out ofrefer back to them you will be looking at the latest
southern yellow pine versus spruce with special metalone.
hardware. These should be highlighted on the plan soThe proposals should also indicate workmanship and
they will not be overlooked. Sometimes the hardwarewarranty. All this is important, especially if the
called out by the engineer is a special order and cancontractor does not perform and mediation or worse
take several weeks to get. So if you wait until thelitigation is required.
framing package needs to ordered and there are aHow to Negotiate the Best Price
two or three shear walls with special order hardwareOnce you determine the three competitive bids the
it could delay the construction.hard part is negotiating with the contractors. You
You need to make enough copies of the architecturalhave to assume that all the quotes will be inflated
and structural plans for multiple subcontractors andwith the understanding you will negotiate less.
suppliers bidding the job. To save you money, askTherefore, you need to get them down as low as
your architect and engineer to convert the drawingyou can to the real number. I always ask my
files to a PDF file. This will save you time as well andsubcontractors and vendors if the bid is negotiable.
make it convenient because you can email them toRemember it never hurts to ask, the worse they can
as many subcontractors and vendors as you like.say is no. And if they say yes, then I ask them what
Specificationsis the maximum they can cut their bid. They normally
A list of product specifications must be provided sorespond with, "how much do I need to cut it to get
all the subcontractor and vendors are bidding applesthe job" and again I put it back on them by saying,
to apples. This is a list detailing all the products and"the maximum you can cut your price". Never name a
finishes you want in your new home. It does notprice first! You should already have a budget of what
make sense to send the plans out to bid without ayou can afford to spend on each item. You never
set of specifications. Without this, the bids youknow whether or not they would be willing to do it
receive will not be apples to apples. Then you willfor less than that.
need to have them all rebid the project. It wastes aOnce they lower their bids and you determine the
lot of time and creates a lot of unnecessary worklow bidder you need to compare warranty,
for the subcontractors. Remember these guys doworkmanship, and references. Price is important, but
not need practice bidding and some of them may notif they can not finish the job the price does not
submit a bid without a set of specifications included.mean anything. You definitely need to check both
Therefore, everything from paint colors to the floorproject references and credit references. The
finishes need to be selected. They need to be listedbottom line is you want the best contractor for the
on the plan or on a separate document.least amount of money.
Doing the TakeoffsPreparing an Estimate
It is too technical to put in a written guide how toOnce you have awarded the job to each
quantify the concrete, masonry, lumber, and shinglessubcontractor you will want to prepare an estimate. I
just to name a few. For example let's assume yourecommend using Microsoft Excel to organize your
need to quantify the masonry block on a single storyestimate. It is the easiest and mostly widely used
block home. You have to know how the wall isspreadsheet application, especially in construction.
assembled which includes the ability to visualize andIt helps organize your estimate. You can use a
understand construction methods. If the exteriorseparate worksheet for each trade within the Excel
walls have multiple heights, a regular block (8x8x16)workbook. You can enter all the material lists and bid
needs to be added and a lintel block needs to beamounts you receive. You can track the job to make
deducted in each location where the plate heightssure you are on budget. You can email your local
change. If some of the walls are on a 45 degreesuppliers your material lists so they can enter their
angle you need to be able to know whether tounit prices and they can email it back to you.
estimate an angle block or butterfly block. The doorOne of the sheets needs to be the estimate
and window openings need a certain quantity ofsummary which has the total cost for each phase or
regular blocks deducted plus a half block every othertrade. It should include your preconstruction costs
course on each side of each opening. You could haveand direct construction costs.
too much of one size block and either not enough orIt should have the estimate total at the bottom.
some units not accounted for at all. TheseThere are endless possibilities you can do with Excel
inaccuracies will throw off your budget and cost youand the level of detail is up to you.
time and money. This ability and knowledge can notWe have for sale blank estimates that are in Excel.
come from a book but through hands on experienceThese are templates that we use which can help you
combined with years of estimating experience.calculate some of the material quantities and can also
If you decide to quantify the materials yourself Ibe used to prepare your estimate. They contain
suggest you refer to Walker's Building Estimator'sprebuilt formulas for calculating concrete, steel,
Reference Book, which has instructions on how tomasonry, and lumber. All you need to do is enter
estimate the quantities of concrete, masonry, lumber,counts and lengths where indicated and the quantities
drywall, etc. It is considered the bible for constructionare calculated for you. Contact us to send you a
estimators and it is one of required books included insample template.
the study guide for most state contractor's exam.Conclusion
Just keep in mind that these reference books do notI hope this has provided you will some good
have tips and tricks as well as real world experienceinformation on how to prepare an estimate if you are
as explained above.building a new home. We are available to answer any
You can employ the help of your subcontractorsquestions you may have. We can help you put
bidding the work or your suppliers. You may paytogether an estimate for any type of construction
more for their product or service or you can hire us.project, big or small, residential or commercial.