Wyoming Contractor's Summary of an Estimate
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FAQ
A Rough Cost Estimate is an initial estimate that uses prior experience and other non-project data to estimate the cost of a project. It is also called a Rough Order of Magnitude (ROM) estimate, or a Conceptual Estimate.
Unit cost estimating relies on a set formula to determine a project's scope. This method involves multiplying the number of units by the cost per unit, which results in the total cost of the new project for both parties.
It isn't uncommon for contractors to give an "estimate" of how much they anticipate the work will cost. An estimate should be the contractor's best professional assessment, including the cost of hiring any subcontractors, the price of materials, and any other labor involved.
In general terms, a contractor is responsible for planning, leading, executing, supervising and inspecting a building construction project. The responsibility extends from the beginning to the end of the project, regardless of its scope.
Every estimate should at the very least include the following elements:Job description. Explain the work you'll be doing.Materials and labor. Provide a high-level view of the necessary materials and labor and the costs for each.Total cost.This is a big one.Sales and company contact info.24-Oct-2018
A ROM Cost Estimate has a probable accuracy of -25% to +75% and is based on experience with projects of similar type and scope. The actual project costs of similar projects are adjusted for required production capacity and price escalation.
A: Yes, you can negotiate with a contractor; the trick is doing it without making it feel like a negotiation. Anytime you're haggling over someone's work (versus a mass-produced product like a car or flat-screen television), look for a way to ask for a lower price without any suggestion of insult.
This effort costs money and the knowledge has worth. A "good" estimate maximizes the return on this investment by obtaining the highest value at the lowest cost. Estimates have no intrinsic value; their value is determined entirely by how they are used to make business decisions.
When a homeowner calls you for an estimate, do you know what they're looking for? Often, if you're trying to gain homeowner trust and win a repeat customer, you'll want to provide the most accurate estimate you can. Doing so with an itemized quote can help the transparency between you and your customer.
An estimate is just an estimate, and it can be reasonable for the final cost to be anywhere from 5% to 20% above the estimate. That's why it's always important to stick to your budget and account for a bit of cushion before you begin any project.
