Home Construction Cost Estimate - The Forms!
RECORDING THE RESULTS
Once you begin to accumulate quoted prices,
you'll need some organized way to keep track of the results. Ideally
the method you use to do this will provide a way of bringing everything
together logically, so that you can accomplish your goal -
arrive at a Home Construction Cost
Estimate that is based on what you actually
intend to do. We have developed a set of Estimating Forms
to help you do this.
COST ESTIMATE FORMS
Use the Microsoft Excel
based Home Construction Cost Estimate Forms to accumulate the information
on your home. If you prefer to tally your estimates by hand,
the forms are also available here in
PDF format, viewable on the Acrobat
There is considerably
more detail on some cost categories than you may want or need.
For example, the framing materials show every stud and joist.
It's OK if you want to consolidate and work with say a "framing
You can massage it any way you want. There will
certainly be items included in your home building project
that aren't even listed on the forms. We've left some space. Add
go through the Cost Estimate Forms now
and see how they
COLUMN HEADINGs for home construction cost estimate forms
Look at the example below. It illustrates the column headings
used on the Home Construction Cost Estimate Forms,
and shows an example of how information on particular cost items
are to be listed under each column.
|Floor Joist - 2x8x12
Here is what each column heading means:
||The item (material, service,
or both) being priced.
||How many of this item will be needed
for your home building project.
||Unit price (for one).
||Unit measure by which item is priced
(each, linear feet, hour, etc)
||If this item is to be paid from a
"draw" on your Construction Loan, put the the dollar amount
(total of the Quantity times the Unit Price) here.
Entering a Quantity and a unit Price in a row on the Excel
Cost Estimate Forms automatically calculates the total and
adds it here and in the "Total" column.
If you plan to pay for part or all
of this item "out-of-pocket" . . . that is, not from a "draw"
on your construction loan, put what you plan to pay in cash
in this column.
The amount you put in this column will
be deducted from whatever is shown in the "Draw" column.
The amount in the "Total" column will not be effected.
||The total of the "Draw"
and "Me" costs.
Click here to
open an example of how Page
Two of the Home Construction Cost Estimate Forms could be filled out.
This sample form
is included as an illustration only. The quantities and
prices shown are not intended to represent an actual real-life
situation. Your numbers will be different. The forms are Microsoft
Excel based and can be filled out electronically. Your computer
will do all the calculations for you.
the example, you see on lines 52 and 53 that the owner builder
of this home building project has a brother-in-law who owns a
tractor with a bucket and a scraper.
The brother-in-law will prepare
the lot - if he can get paid on the spot. He needs it to make
a payment on the tractor!
WHY A SEPARATE COLUMN FOR OUT-OF-POCKET
As an owner builder, you will find that you will need some cash
from time to time to cover some expenses that won't wait for
your end-of-the-month construction loan draw.
the "Draw" column shows what you will be able to pay for out
of a construction draw. The "Me" column shows what you will have
to pay for out-of-pocket, before you get a construction draw!
SECTION AND PAGE TOTALS
At the end of each section in the Home Construction Cost
Estimate Forms you will see a line designated for Totals. For
example, see line 79. It totals all of the costs for Foundations.
the bottom of each page is a line for Page Totals. So that there
is no confusion, you are told which lines to add together to
get each page’s
The final page of the Home Construction Cost Estimate Forms is
a Summary Sheet to record your estimates for each basic cost category
of expense. The figures from this page will be used in Cost Accounting,
which is a part of your Construction Management duties . . . keeping
up with all the expenditures and making sure they are all within
For additional information on Cost Estimate Forms,
see Lesson Eleven of our online course
Successful Home Contracting.
Return to Cost Estimate
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