Are you about to start a construction project? If so, you’ll need to create a construction cost estimate. Doing so can be time-consuming, especially if you haven’t done it before. But don’t worry—we’ve got you covered!
This article will discuss everything you need to know about construction estimate templates and how to use them effectively. We will also share five types of construction estimate templates that you can use for various construction projects.
So whether you’re a contractor or construction business owner, these templates will help you get the job done right!
What is a Construction Estimate?
A construction estimate is a type of billing document that details the labor and materials and the direct and indirect costs associated with a construction project. Project managers and contractors use construction estimates during the bidding process to determine whether or not they can complete the project within the given budget.
Construction estimates also help construction companies track their actual versus estimated costs. This is important because it allows construction companies to see where they may be overspending or underspending.
What is a Construction Estimate Template?
A construction estimate template—also known as a contractor estimate template—is a document that contains a structured format for creating construction estimates. This document is essential to contractors and project managers as they will need it to present the estimated budget for a given project.
Depending on the type of construction estimate, this template can be used for different construction projects, such as residential, commercial, or industrial.
What to Include in a Construction Estimate Template?
When creating a template, contractors should ensure that it contains all the necessary elements for the client to see. These elements are essential for the construction company to provide an accurate estimate.
Here are some of the elements that you should include in your construction estimate template:
Completion Time for the Estimate
A construction estimate template should provide the timeframe in which the construction project is expected to be completed. This will give the client a realistic expectation of when the project will be finished.
It’s important to be as accurate as possible when estimating the completion time, as this can impact the construction company’s reputation.
The construction estimate template should also include the construction company’s contact information. This will allow the client to easily contact the construction company if they have any questions or concerns.
It’s also important to include the construction company’s licensing information in the construction estimate template. This will ensure that the client knows that the construction company is licensed and insured.
Scope of Work
The scope of work is a description of the construction project that outlines what work needs to be done. It’s important to be as specific as possible when describing the scope of work, as this will help the construction company provide an accurate estimate.
The construction estimate template should also list all the materials needed for the construction project. This will allow the construction company to estimate the cost of materials accurately.
The construction estimate template should include an estimate of the labor costs associated with the construction project. This will help the construction company determine how much to charge for labor.
Total Estimated Cost
The construction estimate template also includes an estimation of the total cost for the construction project. This is the most important element of the construction estimate template, as it will give the client an accurate estimate of the cost of the construction project.
Most clients are looking for liability insurance when hiring potential contractors. As construction companies should always be insured, it is important to list the insurance information in the construction estimate template. This will give the client peace of mind knowing that their construction project is covered.
5 Types of Construction Estimate Templates
There are different types of construction estimate templates, and each one is designed for a specific type of construction project. Here are five of the most common types of construction estimate templates to help you handle the basics of creating the right estimate for your construction project.
Construction Proposal Contract Template
This type of template lets you describe the basic outline of a construction project, including the completion time, the scope of work, and estimated cost. It’s a good choice for construction projects still in the early stages of planning.
Construction Budget Template
Also called a construction work quote template, this type of construction estimate template is designed to help construction companies track their spending on a construction project.
A construction budget template includes a detailed breakdown of all the costs associated with a construction project, including materials, labor, and overhead. This template is perfect for construction projects already underway and need to be closely monitored.
Construction ‘Soft Vs. Hard’ Costs Template
This construction estimate template separates construction costs into “soft” and “hard” costs. Soft costs are not directly related to the construction work, such as architectural fees and construction permits.
Hard costs are directly related to the construction work, such as materials and labor. Use this template to better understand the different types of construction costs.
Construction Estimating and Budgeting Template
The construction estimating and budgeting template lets you track cost estimates against budget utilization. With this template, you can check the estimated vs. actual cost for each line item—also known as ‘job costing’—and amounts and payments from subcontractors and vendors.
This template is useful if you want to keep track of construction costs regularly or if you need to report construction costs to upper management.
Construction Bid Tabulation Template
A construction bid tabulation template lets you compare and organize bid items coming from various subcontractors and vendors. It features separate columns to compare your engineer’s estimate with the amount in other bidding proposals quoted by different contractors vying for the project.
Using a bid tabulation template will help verify if the final bid amount is reasonable and the construction project is within budget.
DataMyte is Perfect for Construction Estimates!
The best way to create a construction estimate is by using DATAMYTE and its array of tools. DATAMYTE offers quality management solutions that will streamline your construction business. With DATAMYTE, you can create construction estimates quickly and easily!
The DataMyte Digital Clipboard, in particular, offers a form builder that lets you create construction estimates on the fly. Choose one from the several available form templates, or create one from scratch.
When it comes to creating a construction estimate template for whatever project you’re managing, DATAMYTE has the solution for you. Try DATAMYTE today and see how it can help streamline your construction business! Visit our website to learn more.
There you have it—five of the most common types of construction estimate templates. As you can see, each template is designed for a specific purpose, so be sure to choose the right one for your construction project, and don’t forget to use DATAMYTE when creating your construction estimate template.