How can you estimate costs for construction projects that involve historical preservation or restoration?

1 Assess the historical value

The first step is to assess the historical value of the building or structure that you want to preserve or restore. This will help you determine the scope and level of intervention required, as well as the potential benefits and risks. You can consult with historical experts, architects, engineers, and local authorities to evaluate the historical significance, the architectural style, the structural integrity, and the legal and environmental constraints of your project.

4 Add the overhead and profit margins

The fourth step is to add the overhead and profit margins to your cost estimate. You need to account for the general and administrative expenses, such as insurance, permits, taxes, utilities, and equipment rentals, that are associated with your project. You also need to determine your profit margin, which is the percentage of the total cost that you charge as your fee. You can use industry benchmarks, market research, and competitive analysis to help you set your profit margin.

5 Include the contingencies and allowances

The fifth step is to include the contingencies and allowances to your cost estimate. You need to anticipate and prepare for the possible changes and uncertainties that may occur during your project. You can use contingencies to cover the unforeseen costs that may arise from factors such as weather, site conditions, design changes, material availability, and quality issues. You can use allowances to cover the estimated costs that may vary depending on the final selections or specifications of your client or end-user.

6 Review and adjust your cost estimate

The final step is to review and adjust your cost estimate as needed. You need to check the accuracy and completeness of your cost estimate, as well as the alignment with your project scope, goals, and objectives. You also need to update your cost estimate regularly to reflect the actual progress and performance of your project. You can use tools and software, such as spreadsheets, databases, and estimating applications, to help you track and manage your cost estimate.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?