Budget Estimates Explained
Benefits Of Budget Cost Estimates
It can be common to overspend on building projects. Unfortunately, a significant level of overspending can put a project in jeopardy. This is particularly true where a large amount of finance has been secured.
If an estimated cost is identified at an early stage in the project, it provides you with the knowledge you need and multiple options to consider. For instance, you could arrange alternative methods for funding in advance. Alternatively, you may choose not to move forward with the project, scale back or redesign. All these options can ensure that your project fits the budget.
Budget cost estimates can also identify potential ancillary costs that you may not have considered.
This may include fees for design, charges from consultants such as structural engineer’s fees, asbestos surveys, building regulation charges, and application fees.
RECEIVE A FREE PROJECT REVIEW WORTH £1000 TODAY
Budget Estimate Calculations
Budget estimates may be prepared based on initial sketches. However, they can also be delivered after a more detailed proposal. The most accurate estimates will be delivered when a significant amount of information is provided. This will typically include both specifications and drawings.
When an estimate is prepared at the early stages, before detailed design and the project has been tendered for contractors, it can provide an accurate assessment of the expected costs from the beginning. This ensures that costs can be reined in and that the project is designed to match financial constraints.
Budget estimates will often be essential in certain building works where funding grants could have been applied for. In cases like this, it is crucial that you do choose an expert service to handle your budget estimate and ensure the most accurate report.
Budget Estimate Accuracy
A budget estimate can provide a high level of accuracy. The goal will be to provide an estimate that falls within 10% of the final construction costs. This will depend on the level of detail provided at the offset. We use an advanced cost database and an expert team of staff to offer the best estimate possible to every client.
Updated Budget Estimates
A budget estimate can be updated during the development of a project to ensure that it changes and continues to reflect the most likely cost of a project. This can be based on the decisions a client makes based on the original estimate that we provide.
Please contact us today to gain a sample budget estimate that reflects the detail that we provide and the level of service we offer. We take a variety of factors into account when preparing your estimate including the project’s performance, scope, quality and time.