Top 12 Building Project Pricing Steps

Top 12 Checklist

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Essential Steps to Ensure Accurate and Transparent Costing

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Accurate pricing is crucial for the success of any building project. The following checklist outlines the twelve most important steps to help you develop a robust project pricing strategy, ensuring clarity, transparency, and control throughout the process.

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1. Clearly outline the scope of work, including deliverables, timelines, and any exclusions. This is fundamental to avoid misunderstandings and pricing errors.
2. Review plans and specifications including engineering and design documents to identify specific requirements and potential cost drivers.
3. Conduct site visit(s) and assessment to identify unique conditions, accessibility challenges, and local factors that could influence costs.
4. Obtain competitive quotes for major trades, materials, and equipment from reliable subcontractors and suppliers, give them a minimum of 2 weeks to price and carefully review their quotes.
5. Prepare detailed quantity Take-offs including all materials, labour, and equipment required, include overheads and profit margins ensuring nothing is overlooked.
6. Calculate direct and indirect labour costs, factoring in wage rates, overtime, allowances, and productivity expectations.
7. Allocate a contingency sum for potential risks, unforeseen events, or scope changes that may affect the budget.
8. Account for regulatory and compliance costs.
9. Factor in cost escalation and inflation.
10. Evaluate contract payment schedules, retentions, and cash flow requirements to ensure financial stability throughout the project.
11. Conduct final review and peer check.
12. Present professionally (Always best to present in person).

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Quantity Solutions can take care of all your project pricing so you can focus on growing your business.