Residential construction estimator is a method of evaluating the potential cost of construction by calculating material quantities and their costs with the help of market prices before initiating any construction activities. This process involves many calculations. Excel can be very handy for doing these calculations. In this article, we will walk you through easy steps on how to calculate residential construction cost estimator in Excel.
How to Calculate Residential Construction Cost Estimator in Excel: Easy Steps
In this article, we will demonstrate 3 easy steps to calculate residential construction cost estimator in Excel. We will estimate Material costs, Labour costs and will prepare a Summary of all costs in detail which are discussed in the following subsection.
Step 1: Calculate Material Cost for Residential Construction
In the first step, we need to create a table to calculate the Material cost. The table will contain 6 columns.
- First of all, create columns named No. and Materials to add numbers and names of materials.
- Next, we need the quantity and price per quantity to calculate the total cost of materials. To do that, add Quantity, Unit, and Unit Cost columns.
- After creating all the columns, calculate the total cost of materials using the following formula.
- Here, D5 refers to the Quantity and F5 refers to the Unit Cost of Steel.
- Then, Autofill the formula to estimate the price of all materials.
- After that, get the total material cost by using the SUM function. The SUM function is,
- Hence, hit Enter. As a result, you will able to calculate the total material cost, and the total material cost is $161,335.00.
Step 2: Estimate Labour Cost for Residential Construction
Now we will estimate the Labour cost. We will create another table for this purpose. This tale will have six columns.
- First, create two columns and name them No. and Labours. Put the numbers and names of labours in these columns.
- Next, we need a column that has the number of labours who worked in the construction.
- Then, create a column named Hours along with another named Per Hour Cost.
- Now, to calculate the total cost of construction labour, use the following formula.
- Here, D5, E5 and F5 refer to Labours, Hours and Per Hour Costs respectively.
- After that, AutoFill the formula to the rest of the cells in column G.
- Further, we will calculate the total labour cost using the following formula.
- Hence, press Enter to get your desired output.
Step 3: Prepare a Summary of All Costs
Finally, it’s time to prepare a summary of all the costs.
- First of all, input the total Material Cost from the Material Cost Estimation table.
- Similarly, add the Labour Cost from the Labour Cost Estimation table.
- Then insert all the other costs of the construction and find out the total construction cost using the SUM function. The SUM function is,
- You can create additional rows and columns to add more items to the table.
- Be careful when giving cell references or you will get the wrong results.
Read More: How to Make House Estimate Format in Excel
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Thanks for making it this far. I hope you find this article useful. Now you know how to calculate a residential construction cost estimator in Excel. Please let us know if you have any further queries, and feel free to give us any recommendations in the comment section below.
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