This is a general question about estimating costs that a contractor might charge for a job.
I have a large renovation project that I am considering. This project is clearly beyond my abilities. Before I start calling contractors for estimates I want to come up with an approximate estimate on my own.
Is there anything like a common worksheet, standard hourly rate, or comparison shopping tool that might help me?
I am intentionally not describing my project as I am seeking a general tool, guide, or process rather than something for just this job.
My goal is to find out if this is a $1000 job, a $5000 job, or a $15000 job so that I can have my finances somewhat in order before I get professional estimates. I do not want to waste my time or a contractors time if the job is an order of magnitude more expensive than I think it is!
Best Answer
Estimating isn't an exact science and it is only accurate when you know exactly what materials are needed and the number of man hours needed to complete the job. The most accurate estimates are determined by itemizing all the material cost and amounts, man-hours and labor rates, costs for subcontractors and finally overhead and profit. The material costs can be figured by seeing a blue print or knowing what is to be done. You may have a more difficult time knowing what to calculate for overhead and profit. So depending on were you reside and the contractor it would be safe to assume a mark-up of 20-40% of the total costs for material and labor.