Hard costs in building cost estimation are the costs of physical building elements like foundations, superstructure, interior finishes, laborers, equipment, etc. They are the tangible costs in a building project that are relatively easy to estimate.
Hard costs in construction are quantified by an experienced estimator. These costs account for around 70 percent of the total construction cost of a project.
This article discusses the features and components of hard costs in a building project.
Hard costs are related to the engineering and design procedure of the construction project. They vary depending on the architecture and engineering decisions. The common costs that fall under hard costs are:
Extra costs for other miscellaneous needs and inventory requirements are also categorized under hard costs. Along with this, costs of employee salaries and fees are also considered hard costs, as they are to be paid throughout the entire course of the construction. Hard costs start with the purchase of supplies and materials during the course of the project.
Hence, hard costs can be estimated by making a list of all the materials and equipment needed for the construction projects as per the rate in the area. After which, the labor costs are calculated by comparing and researching the hours of labor needed for a similar project in the past.
Hard costs in construction cost estimation are the costs of physical construction like foundations, superstructure, interior finishes, laborers, equipment, etc
The common costs coming under hard costs are: 1. Cost of building framework 2. Cost at the site 3. Cost of landscaping 4. Contingency cost 5. Change order costs
Hard costs can be estimated by making a list of all the substances and machinery required for the construction projects as per the rate in the area. After which, the labor costs are calculated by comparing and researching the hours of labor required for a similar project in the past.