How to Accurately Estimate a Building Plan: A Comprehensive Guide

Estimating the cost of building a project can be a daunting task, but with the right methods and calculations, it can be done accurately. This guide explores the common methods and steps to estimate building plans, ensuring that you get a realistic and reliable cost estimate.

1. Square Foot Method: A Common Estimation Technique

The most widely used method for estimating building costs is the square foot method. This approach involves estimating the cost per square foot and then multiplying it by the total square footage of the building. There are various resources available online to help you determine cost per square foot based on the type of construction.

Commercial Construction Square Foot Cost Models: You can find detailed cost models for commercial construction that break down costs by square foot. Visit this page for more information: Commercial Construction Square Foot Cost Models.

U.S. Construction Costs per Square Foot: Refer to this link for comprehensive data on construction costs per square foot in the United States: U.S. Construction Costs per Square Foot. These resources will provide you with a solid foundation for your initial cost calculations.

2. Regional Multipliers: Adjusting Costs for Location

Once you have the basic cost per square foot, you need to factor in regional differences. The cost of construction can vary significantly from one region to another in the United States. To account for these differences, you can use regional multipliers. For example, a regional multiplier of 1.0 corresponds to the national average, while a multiplier of 0.8 would reflect a cheaper region and a multiplier of 1.1 would reflect a more expensive region.

Please consult this resource for more details on cost escalators and regional cost modifiers: 25-Year Cost Escalators with Regional Cost Modifiers.

3. Adding General Costs: Hard Costs and Soft Costs

After estimating the cost per square foot and adjusting for regional differences, you need to consider other general costs involved in the construction process. These costs fall into two main categories: hard costs and soft costs.

3.1 Hard Costs

Hard costs refer to tangible expenses that involve physical items, such as the construction of the building, landscaping, and furnishings. This category typically includes:

Site Construction (around 10% of the building construction) Parking (around 10% of the building construction) Landscape work (around 10% of the building construction) Furnishings and equipment (around 5% of the building construction) Design contingency (around 5% of the building construction, providing a little wiggle room)

These costs are concrete and easily quantifiable, making them straightforward to incorporate into your budget.

3.2 Soft Costs

Soft costs, on the other hand, are more intangible and include expenses such as:

Architecture and engineering fees (7-10% of the building construction) Design fees (included in architecture and engineering fees) Owner's reserve (3-5% of the building construction, allocated for unexpected expenses)

4. Case-Specific Considerations

Each project has unique requirements, and it's essential to account for these differences. For example, when budgeting for a new church, you might need to include technology and audio-visual (A/V) systems. These additional items can significantly impact your total cost, so it's crucial to research them thoroughly and visit similar projects to gain a better understanding of the expected costs.

Remember, the difference between an estimate and a budget can be significant. An estimate is an exact cost, while a budget is a professional and educated guess on what the cost will be. It's easy to be off by a few million dollars if you make a mistake, so thorough research and planning are crucial.

Conclusion

Accurately estimating the cost of a building plan requires a systematic and detailed approach. By using the square foot method, adjusting for regional differences, and considering both hard and soft costs, you can create a comprehensive and reliable budget. Taking the time to research and plan thoroughly will help you avoid costly mistakes and ensure that your project stays on track financially.

For more information, visit the following resources:

Commercial Construction Square Foot Cost Models U.S. Construction Costs per Square Foot 25-Year Cost Escalators with Regional Cost Modifiers

Key Takeaways:

Use the square foot method to estimate costs. Adjust for regional differences with regional multipliers. Include both hard and soft costs in your budget.