Five Levels of Construction Cost Estimation
Like any other building project dealing with laws, standards and codes, we take reference from American Society of Professional Estimators to guide us on how we can best provide you with construction cost estimation.
From pre-design to pre-construction, each level in the building project's life cycle calls for an estimate, namely:
- Level 1: Order of Magnitude Estimate
Call this the pre-design construction cost estimation. Your building project is on its early design phase, and the architect will make a general estimate based on the overall feasibility of your construction. We take these factors into account for your cost overview: market value, site location, unit price of materials, building occupancy, space allocations and more.
- Level 2: Schematic Design Estimate
From space allocations to bubble diagrams, concepts are slowly taking form as the architect concretizes your ideas in line with the applicable design considerations. Definitive construction cost estimation clearer than previous level is underway now for your building project.
- Level 3: Design Development Estimate
Architects dealing with medium to large-scale projects draw on the consultants' expertise in different building disciplines. Here's where New York Engineers enter. Generally, our specialized team of engineers will design the MEPF aspect of your architectural floor plans, elevations and sections through 2D CAD or 3D BIM software.
BIM is more efficient, as estimates can already be incorporated into the material properties. Afterwards, construction cost estimation from our expert estimators will be in place as you review the cost changes from the previous stages.
- Level 4: Construction Document Estimate
As your building project gears up traction for construction, higher level of details are now present in the construction cost estimation. Taking reference from the construction documents and specifications, our proficient engineers can now show you precise calculations on your fixed and variable input data such as labor rate, materials and equipment costs – giving you a comprehensive overview on your project developmental costs.
Contractors are now up for bidding process, where bid price offered to the client is commensurate to the bid estimate from the construction documents. Ultimately, client's discretion will be the final word but as professionals committed to your building project, we help you level all the contractor bids for your advantage.