Existing buildings · Defined
Opinion of probable cost
A professional estimate of likely cost for a defined repair or scope based on the information available and stated assumptions.
Why it matters
It is not a contractor bid. Location, access, quantities, design development, and market conditions affect actual pricing; identify exclusions and the estimate’s date.
In practice
A project example
A reserve estimate covers roof replacement but separately identifies potential deck repairs that cannot yet be quantified.
General educational guidance from KOW Building Consultants. Examples are illustrative, not project records. The applicable contract, standard, program, and jurisdiction control the requirements for a specific assignment.