Free cost estimate template for construction projects
The cost estimate is the most important financial document of a construction project. Download a free Excel template that helps you create a comprehensive and structured estimate.
What does the template include?
Cost code breakdown
All main groups: earthwork, foundations, frame, facade, HVAC, interior work.
Material costs
Columns for materials, units, quantities, and unit prices.
Labor costs
Separate column for labor costs — work hours x hourly rate.
Subcontracting
Column for subcontract costs and comparison prices.
Margin and risk reserve
Automatic margin and risk reserve calculation as a percentage.
Summary
Comprehensive summary page that calculates total costs by cost code.
How to create a cost estimate manually — step by step
The cost estimate is the financial backbone of a construction project. A carefully prepared estimate protects your margin and provides a credible basis for your bid. Here is the process from start to finish.
Obtain and study the drawings
Request all drawings from the client: floor plans, sections, elevations, and structural drawings. Check the scale and ensure the drawings are up to date. Make notes on unclear points and ask for clarifications before starting the calculation.
Perform quantity takeoff
Calculate all material quantities from the drawings: square meters, linear meters, cubic meters, and piece counts. Use a tape measure and calculator, or a PDF measurement tool. Record each building component separately — e.g., partition walls, floors, windows, doors. This is the most time-consuming phase and the most error-prone part of the cost estimate.
Price the materials
Request quotes from suppliers or use your own price lists. Account for material waste (typically 5–15% depending on the product), transportation costs, and possible price fluctuations within the delivery timeframe.
Calculate labor costs
Estimate the work hours for each phase and multiply by the hourly rate. Account for social costs (approx. 70% on top of wages), travel costs, and possible overtime premiums. Use Ratu labor productivity data or your own historical data from previous projects.
Add subcontracting, margin, and risks
Request quotes from subcontractors for specialty work (HVAC, painting, tiling). Add overhead costs (8–12%), margin (5–15%), and risk reserve (2–5%). Check the total and compare the per-square-meter price to similar previous projects.
Compile and review the estimate
Combine all cost code-level costs into the summary. Verify that no building component is missing. Compare the total cost to the budget and previous projects. Ask a colleague to review the critical figures before submitting the bid.
Or let AI handle the quantity takeoff and pricing for you
The process described above takes an experienced estimator 1–3 days. Massoi does it in minutes: upload drawings, AI calculates quantities and prices automatically. You just review and submit the bid.
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