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Embarking on a construction project is exciting and often a little overwhelming. Once you're ready to hire your team, you need to start by gathering construction project estimates. How do the professionals create them? Learn more, along with a few tips to help smooth the process, in this quick guide.

How Construction Project Estimates Are Created

Whenever you hear people talking about a construction project or hiring a contractor, you hear a lot about getting estimates for the work. However, how do the professionals create these estimates?

Construction projects used to require estimates done by hand. Today's technology has changed that and provided a more efficient alternative. Construction project estimator software allows construction professionals to create prices quickly, establish a solid database for future use and compare the pricing to relevant data to make sure it's on track, accurate and up to date, as noted by Fine Homebuilding.

There are many factors that go into a construction project's cost estimate. They typically fall into one of two main categories: direct and indirect costs. Direct costs may include things like materials and labor, including wages for different parts of the team, equipment fuel and resources needed to get the job done.

Indirect costs are a little less specific. Indirect costs may include things like legal fees, bonds, transportation permits, utilities, security and quality control, as noted by Smartsheet.

Common Factors in Construction Project Estimates

Creating estimates is a complex process. Similar construction projects are often a go-to reference for many contractors and homeowners alike who look to the final cost of similar projects to gain a ballpark idea of the final price tag. The constructor points out that additional factors go into the cost, including:

Cost of construction materials, including applicable taxes and shipping fees
Labor wages, which vary from place to place and could vary widely among subcontractors
Site conditions where the construction project takes place could affect the cost. For example, if there's poor soil, utility conflicts or heavy traffic, it could increase the project costs
Inflation has to be factored in, especially for large projects that might not be completed for several years
Regulatory requirements, approvals and permits
Insurance requirements for workers, tools and general liability may increase with some projects

Finding the Best Construction Project Estimator Software

For construction professionals, having the right construction project estimator software on their side makes all the difference. Business.com came out with a list of some of the best options, which include:

ProContractor Estimating and PlanSwift, each of which is simple to learn and use
B2W Estimate, which offers access to numerous supplier databases for up-to-date pricing
Sage Estimating, which is geared toward commercial construction projects

Tips for Homeowners

Embarking on a construction project can be stressful. Most experts will tell you to get estimates from more than one professional to get the most competitive pricing. Additionally, Today suggests that you:

Do your research, check references and read reviews
Verify the contractor's insurance and license
Get everything in writing, including how you'll handle costs that exceed the estimate
Give yourself an emergency fund of about 20 percent more than anticipated expenses to provide a buffer for unexpected costs