What are the standard components in a pricing estimate? What should I ensure isn't missing?

Standard components in an estimate are knowing what you want and transmitting it all equally to your audience. Ensuring your not missing something is bringing it to a higher level.

  1. First of all, do some homework on what you envision of the finished product.
    >Pictures from the internet, magazines, your own floor plan drawings/sketches and a list of items you want and any information on manufactures, model numbers etc… make enough copies for each or the contractors you intend to discuss your project with and one for yourself.

  2. Depending on the budget, complexity and your own skill level in such projects, it sometimes is beneficial to hire an architect or engineer to review your project and attend your pre-bid meeting as described in #4 below.

  3. Make sure you are dealing with honest contractors.
    > Ask your friends who they have had a good experience with, ask your architect/engineer if you have one. Search Google for customer reviews of the type of contractor you are looking for in your area.

  4. Get estimates from at least three different contractors - so you will want to call at least four to meet with you.
    > Schedule a time for your pre-bid meeting and invite interested contractors to meet with you at that time. It is best to record the meeting to remembering the questions asked and any answers you need to provide (this approach shows your organized and you mean business).
    > Depending on complexity, a well informed contractor can generally give you a budgetary estimate at the end of your meeting, a few hours after, or within a day or two or maybe more.

I hope I was helpful in answering your question.

Good Luck!

In my opinion it is helpful to have the following information on a pricing estimate for a project (and this is how we structure our estimates);

  1. Contractors contact info and license number on header
  2. Name and address of prospective client
  3. Trades involved in project and itemized description of work per trade with total price per trade including General Conditions, Management & Supervision or Overhead and Profit.
  4. Description of materials, equipment and finishes including model numbers for tiles, fixtures, appliances, etc
  5. Allowances for items that were not yet finalized
  6. Alternates when applicable
  7. Clarification that there will be fees for additional work
  8. Exclusions
  9. Clarify whether or not it includes tax & delivery for tiles, fixtures, appliances, etc
  10. Total price of all trades, materials and equipment
  11. Date and signature of Contractor

Make sure that any estimate you consider clearly includes the labor. It is surprising to me how many competing bids we go up against that have neglected to include this item. If it isn’t itemized out, make sure you ask if it is included in the price.

Check all inclusions and exclusions. Confirm that it was bid per plan including material and labor. Make sure they breakdown per trade and ask right away if certain items are included if you don’t see to avoid surprises later. Changes happen, make sure you both agree on what you’re paying for.