Quantity surveyors support the building and construction industries with quality advice concerning pre-construction, design, construction, and post-construction project phases. They also engage with clients to establish accurate project budgets, reduce financial and non-financial risk, assist in price mediation, and avoid unnecessary disputes.
Quantity surveyors outline the project’s path giving a clear indication and overview of the entire project. They help break down the project in a less technical language that can be understood easily.
Below are some of the essential roles’ quantity surveyors play in the execution of a project;
The cost estimation process involves understanding your building or construction project and drafting the cost you are likely to incur during building or construction. Quantity surveyors also carefully assess architectural and engineering plans, consider your preferences. They also evaluate the plans against applicable regulations and standards to ensure an estimate’s correct alignment to the project. Cost estimation enables you to place the right amount for the task and minimizes cost surprises.
Cost planning provides a comparative estimate between the construction cost and the project budget while allowing a detailed trade comparison to the builder’s estimates quotes. This process helps to highlight any areas of concern and displays potential loopholes or money-saving avenues.
Cost planning offers clients the best value for their money while saving time and money as you carefully look into the documentation and consider all factors. It also prevents misappropriation and embezzlement of funds as every amount is budgeted.
This process is the right course of action, especially for those handling constructions for the first time. Proper documentation is also a point of reference that can help one follow the project’s process.
Valuation of construction work
Valuing construction work requires knowledge and understanding of the construction project. Quantity surveyors can help you with the process of comparing these construction quotations and proposals submitted by builders and trades.
The valuation exercise is also essential for insurance, taxation, and regulatory obligations. It helps your project in meeting set government standards, thereby saving you money and time.
A quantity surveyor can also help you negotiate variations. A variation is a change to what has been agreed or permitted by the government and area laws.
Depending on the contractual clause or challenges faced along the construction process, variations may be permitted or renegotiated to enable you to meet the client’s needs or improve on designs. The quantity surveyor’s job is to lodge a case on your behalf and get the changes approved and factored in terms of price and time limits.
The depreciation of tax can be considered to be a deduction occasioned by the devaluation of a product or building as it ages loses value. When you claim a tax depreciation, it has the effect of reducing the tax on your income. The best depreciation schedule Gold coast has been formulated by quantity surveyors saving their clients tons of money. Tax depreciation estimates help outline likely assumptions for any property, including capital used in construction and plant equipment deductions for its assets.
A deprecation schedule report outlines all available tax depreciation for properties and buildings. The information projects capital works deductions and plant equipment for the life of the property depreciation that can be claimed in your tax each financial year.
Quantity surveyors can apply their expertise during various construction stages to ascertain the building’s cost on the residential or commercial property and depreciation schedule to ensure you pay correct amounts in terms of tax.
Project leaders always need quantity surveyors because of the value they add to the project. In addition to managing the cost associated with the project’s construction, quantity surveyors reduce the burden on the project leaders by taking over cost management. This act frees the project leader to focus on the project’s critical aspects, knowing that the prices and contracts are under control.
In conclusion, from the above roles, it is evident that quantity surveyors play a crucial role in the management and proper running of a project. They are an excellent addition to the team to ensure every part of the project is successful and fully functional. Quantity surveyors not only help in estimating the cost and time of the project but are also useful in handling any rising mishaps that may cause project delay.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.