What are Budgetary Estimates?

With 7 years of experience, Bidding Professionals guarantee accuracy in all types of budget estimates. We have the resources and expertise to produce accurate and precise quantity takeoffs within short deadlines. Once we determine the quantities, then we are ready to put our predetermined labour and material prices according to the zip code so you can present them to the stakeholders.
We can deliver the project within 24 hours in case of early submissions. We start working on the project immediately once we receive the project plans in CAD, DWG or PDF format. We never hand over the project to the client before our senior team reviews the project and makes the necessary additions and changes.

Budgetary Estimates

What's The Difference Between An Estimate And A Budget?

Cost Estimate and Budget are two different processes involving different procedures and both are essential for the complete construction planning process. The budget provides a complete overview of how much a project is estimated to cost including the complete project cost as well as the partial cost of each trade of the project scope. The budget should be within the available funds of the organization or stakeholders. On the other hand, cost estimates are the costs associated with the work packages within the project schedule. Cost estimates must include any assumptions made during the estimation process.

 

Types of Budget Estimate

A budget can be defined as a plan to spend money for a specific purpose or objective. Keeping the objectives in mind, a budget estimate can be classified into following categories.



  • Cost Estimate:

    It is simply an estimate of capital and expenditures.

  • Revenue Estimate:

    It is an estimate of how much an organization can spend independently.

  • Business Activities:

    It is an estimate of business volumes in terms of calls, emails, sales etc.

  • Return:

    It is the return on investment and it defines the success or failure of a business model.

  • Risks:

    Identifying the risks involved in running a project. An ideal project has maximized profit with minimal risks.

  • Cash Flows:

    It is the flow of money coming in and going out.

You can have a budget estimate created for any of the following construction areas:

  • Residential:

    Custom homes, apartment buildings and high-rise buildings.

  • Commercial:

    Multi brands or Office buildings, banks and parking garages.

  • Industrial:

    All types of Manufacturing, food processing and pharmaceutical.

  • Hospitality:

    All types of Hotels and restaurants.

  • Medical facilities:

    Hospitals, labs and medical facilities.

  • Assisted living:

    nursing homes.

  • Retail:

    Malls, strip malls and warehouse stores.

  • Institutional:

    Rehab facilities, public or private educational institutes.

Approach To Budget Estimating

Our Approach To Budget Estimating

Bidding Professionals LLC is a team of professionally trained project managers and estimators who strongly believe that an accurate estimate is essential for setting and controlling the cost of the project. Throughout the lifecycle of the project, the preliminary budget plays a vital role to reduce the losses during the construction. Budget estimating starts with a thorough overview of the design documents as well as the analysis of all the necessary steps involved in the complete construction cycle.
With the use of trustworthy platforms like RSMeans along with the diligence and experience of our estimators, we have developed an accurate cost database of materials and labour for all the major states of North America which helps us to provide the most accurate pricing as compared to our competitors.

Budget Estimating Software We Use

Different software is used for different purposes:

Bluebeam Revu and Planswift are used for reading and marking the project plans.

RSMeans is used for cost analysis according to different states.

MS Excel is used to put the quantities and cost in and prepare the final file for the client.

Budget Estimating Software

Construction Budget Estimate By Percentage Of Hard Costs

Hard cost can be defined as the cost of material and labour. It includes the cost of all the materials to be used in the construction of a project covering all the trades like Roofing, Concrete, Drywall, Masonry, rough carpentry, Metals, Wood and plastics, thermal and moisture and demolition. Along with material cost, hard costs also include the labor cost and productivity according to the location of the project. Hard costs are easy to estimate and these are the major portion of a budget estimate.

Construction Budget Estimate By Percentage Of Soft Costs

Soft costs include everything that is not included in hard costs like permits, builder’s overhead and profit, site surveys, Architect’s fee etc. Soft costs are difficult to calculate as compared to hard costs. Bidding Professionals LLC has the expertise and resources to calculate soft costs as well as hard costs with accuracy.

Outsource Your Budget Estimating Services To Us

Let Us Help You With Your Quotes & Budget Estimates!

Upload Your Project Plans

You just have to upload the project plans on our contact us page or send them directly to us at thomas@biddingprofessionals.com. We receive all the formats of the project drawings.

Get A Quote

Our team of senior estimators will review the plans and prepare a reasonable quote for you including the project cost as well as the turnaround time.

Receive Estimate

The estimate will be delivered to you on the date mentioned in the proposal because we are never late. After delivery of the project, our support team will be available on the email anytime to answer all of your queries and make necessary changes in the project for you.

Our Service Areas

  • United States
    • New York, New Jersey, California, Utah, Illinois, Nebraska, Massachusetts, Washington D.C, Texas
  • International
  • England
  • Australia
  • New Zealand

Frequently Asked Questions

Budget Estimation is a preliminary assessment of funds required to complete a project. These estimates are not final but provide essential information for planning purposes. In the planning phase, a few too many changes might be suggested to run the project successfully and it affects the budget estimate.

The main purpose of budget estimates is to give an idea about the expenditures on a project before it starts. It also helps in the planning of the project and in making the project cost-effective.

The main purpose of a cost estimator is to get the accurate cost of material, labor, and equipment according to the location of the project. The method to get the accurate cost is really simple and it depends on local rates of labor, labor productivity, and equipment rates. Getting real-time information about these aspects, the estimators integrate it with RSMeans updated database to get the best rates for the client.

In cost estimation, we calculate the cost of each corresponding line item using RSMeans. RSMeans is an online platform by which we can get the changing market prices of construction materials according to zip codes. Estimators get the prices of labor and materials along with the productivity of labor from RSMeans. The detailed construction material take-off services estimate is performed with everything broken down to show each minor detail to the client.

We have been in the estimating industry for the last 8 years and we have worked with more than 30 GCs and around 100 subs. We are working as a complete estimation team for most of our clients. We handle all of their estimating and help them win more bids by preparing accurate and cost-efficient estimates. Along with highly optimized estimates, we charge a really competitive cost per estimate. It all makes us one of the best estimation companies out there.

Bidding Professionals LLC possess a team of 50 experienced estimators capable of handling any project of any size. We have the capacity to do 50 small or 5 large-sized projects every week so the size of the project doesn’t matter, if the client provides us enough time then we can take off any project.