Advanced Building Concepts’ estimating department provides accurate construction cost estimates for our clients. The type of project will determine the estimating approach ABC will utilize to determine construction costs. There are three types/phases in the estimating process: conceptual, design development, and guaranteed maximum price. The three types are as follows:
The Conceptual/Schematic cost estimate will be based on preliminary plans, available building standards and other pertinent information gathered by our project executive, through discussion and communication with the A/E team, the end-user and client. A senior estimator will use this information to compile an in-house cost estimate, based on current unit prices in our historic cost database, as derived from previous projects’ subcontractors and vendors. During this initial budgeting phase, we will begin to identify value engineering ideas and estimate the costs associated with each of the ideas. This information can be used if the conceptual cost estimate does not fall in line with the client’s cost expectations.
The Design Development (DD) cost estimate will be based on the DD documents. We will invite qualified subcontractors to estimate the cost of the work for the major trades. These trades may include site work, drywall, plumbing, fire protection, HVAC, electrical, and other trades as deemed significant. Additionally, we will estimate the entire job in-house. This subcontractor pricing will be used to validate our own internal cost estimating effort. Once again the cost estimate will be compared to the client’s cost expectations.
The Guaranteed Maximum Price estimate will be based on the completed bid document set. We will invite pre-qualified and client-approved subcontractors with the intention of receiving a minimum of three (3) bids in each and every trade. Our estimating staff will review, analyze and qualify subcontractor quotes. In addition to this we will provide estimated costs for self-performed work, general conditions, and add-ons such as bonds, insurance, overhead expenses and profit.