You need to provide an electrical construction project estimate in order to bid for any electrical job. Underestimating the cost of a job may initially get you the project, but you risk not being paid enough money to profit from it while overestimation may take you out of the running altogether for the job. You need to provide a fair estimate of the project in order to be competitive.
What is a Fair Bid Estimate?
Considering these factors will help you to create a fair estimate of the project:
Labor and any other overhead costs like permits and fees will also need to be factored into your bid. The 3 main factors will be home size, needed materials, and permit costs.
Visit the residential construction site so you get a visual of what needs to be accomplished. If the home hasn't been built yet, you will need to see a blueprint of the home and speak to the project manager regarding what work needs to be done. If the framing and drywall are complete, you will be able to take pictures and get measurements as well.
If the house is not a new build, but a home under renovation, you will also need to consider working around other contractors in high traffic areas, any electrical wiring already in place, and estimate the amount of extra time and manpower for poor or additional electrical work. By seeing the size of the home, you will be able to create a detailed estimate based on square footage.
Now that you have seen the construction site, you can get an idea of what materials you need. The type of materials you choose should be easy to access as you have to estimate labor and time to complete the job. The longer you have to wait for job materials to be delivered, the more that will eat into your profit. So you want full access to all materials. If you are waiting for materials, those whose work will follow yours will also be waiting. Tie those incidentals into your bid's time and labor costs.
Permits and Fees
Every city has its own permit costs and fees. Check with your local building authority for permits tied to the specific residential electrical construction project you're bidding on. Costs will depend on the valuation of the home and the project as well as any application fees. You will need to speak to the local building authority even if you are relying on online permit calculators or proprietary estimation software to help you create your bid.
For more information on electrical construction project estimates, contact a professional near you.Share
7 June 2022
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