The Construction Estimate section allows you to calculate the total cost for constructing each unit of your development project.
To estimate the construction cost for your property, firstly you will need to know the number of units that you will be developing. It may be apartments, or condominiums, or houses. The second thing that you will need to know is the average built area of each unit.
In case you do not know these two figures, then you need to have a ballpark figure of the construction cost for each unit of measurement (m2 or sq.ft), of the property.
An easy way to find out this is if you have developments going on in the area in which your property is located, call the developer and enquire what would be a ballpark figure to build an apartment/condominium of x m2 or sq.ft in that area.
1. Enter the number of units that you will develop/construct on the property in the Land Value Units field. The total amount for all the units will be calculated.
2. Enter the average constructed/built area per unit in the Avg Built Area / Unit (m2 or sq. ft) field. The unit of measurement does not matter for this field.
If you do not know the values for the above 2 fields, then enter the value for Const. Costs / m2 (sq. ft) field, else skip step 3.
3. The next field allows you to choose between Const. Costs / m2 (sq. ft) and Const. Costs / Unit.
If you select Const. Costs / m2 (sq. ft) - Enter the construction cost per meter square or square feet. This is basically a ballpark figure of the cost of construction per m2 or sq.ft. OR
If you select Const. Costs / Unit - Enter the construction cost per unit. This is a ballpark figure of the cost of construction for each unit that will be constructed.
The Total Const Costs / Unit will be calculated automatically and displayed.