Mastering Construction Cost Estimation: A Comprehensive Guide to Accurate Budgeting

Managing construction cost is one of the major things when starting to think about construction. The construction cost depends upon many major aspects such as the location, plot size, measurements, type of construction and design and many more. This construction cost can be calculated easily by using the construction cost estimator to avoid any  miscalculation. These are used for the accurate and exact calculations by saving the time and money Here is a step by step guide on how to estimate the construction cost and what are the factors on which the construction cost actually depends. 

Factors on Which the Construction Costs Depends

Before estimating the exact construction cost here are a few factors that need to be considered to get the exact results. 

Gather the Accurate Information

  1. Location: Specify the location for the proper calculations such as every location has different tax and legal deductions. 

  2. Plot Size: Measure and input the total area of the land in square feet or meters.

  3. Total Built-Up: This can be measured as the sum of all floor areas in the building. 

  4. Number of Floors: Total number of floors in the building, this is important to measure the accurate construction cost.

  5. Design Requirements: Heavy designs take higher cost and vice versa. 

  6. Structure: Input the exact cost per sq foot for building the structure.

  7. Labor Cost: To measure the exact and accurate construction cost, input the labor cost as changed per sq foot. 

  8. Additional Costs: These include the architectural and design fees, permit and legal fees, utility connections and landscaping. 

How to calculate FAR?

Calculate FAR using the FAR formula: 

FAR= Total Covered Area Plot Area

FAR= Plot Area/ Total Covered Area

For example if you have plot area of 1000 sq. meters and the structured area is 2000 sq, meters then the FAR will be calculated as: 

FAR= 2000/1000

FAR=2

After calculate FAR If the FAR value is 2, that means one can construct 2000 sq. ft. in a 1000 sq. ft plot. 

Note: As per the municipal council determination of the floor area ratio of a particular locality, it considers the road width too.

The construction can be easily calculated for the proper estimation and budgeting. One can also calculate it manually to avoid any overspending and maintain a correct budget and estimations. 

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