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Quantity surveyors are the best companion for real estate investors throughout a project. They have in-depth knowledge of costs and contracts related to the construction business. They help in estimating every cost involved from the commencement to the completion of the project. They can be your best pal when it comes to preparation of tax depreciation schedules and estimating the cost for insurance. It is a wise idea to consult a quantity surveyor instead of relying on a tax depreciation calculator, as they are more up to date and can conduct a comprehensive analysis of the building to make the computations. They provide assistance for budget preparation, cost estimation and management, and ensure that you get maximum returns on your investment. It is important to understand their role and importance to make the most of your real estate investment projects.
- Quantity surveying
It is a specialized domain that is related to the estimation and management of construction costs for a building. The quantity surveyors are calculating geniuses who have all the knowledge of construction cost and find the value of the building by estimating and managing the cost of new construction as well as renovation and additions made to the building. Quantity surveying also includes the estimation of the cost of different separate items for depreciation purposes. Finding replacement costs for insurance and preparing depreciation schedules is also a part of this job. In some cases, quantity surveyors can also help you in mediations and arbitrary cases in the capacity of a witness.
- How can they help you?
Quantity surveyors are multifaceted people that are part of essentially every phase of a real estate project. They use different skills and techniques like planning, estimation, analysis, and cost-in studies and management to prepare the budget, monitor costs, and estimating value. Here is what they do in different stages of the projects.
- Feasibility analysis: They know different methods of construction and suggest the most appropriate approach that should be followed. They also prepare a budget based on the chosen method.
- Participation in design: They monitor the entire design process and provide the cost of items to be added and labor costs that would be incurred during construction.
- Participation in construction: They monitor the payments throughout the project and suggest the value of any changes that are needed at the runtime.
- Depreciation evaluation: They prepare the depreciation schedule for all the components of the project and provide realistic replacement/repair costing for insurance purposes.
- How to find the right quantity surveyor?
It is clear from the above discussion that the role of a quantity surveyor is crucial to your construction project. They have something to contribute at each level and their inputs can make a huge difference in the profit you make out of a project. For that reason, it is important to find the right person to do the job with the utmost accuracy and assurance.
- Understand your requirements: You may hire a quantity surveyor at different stages of the project. If you are hiring at the beginning, you are expecting them to play all the possible roles. However, you may also hire them only for depreciation calculation or feasibility evaluation. In either case, look for a surveyor with the necessary expertise and skillsets.
- Look for certifications: Look for only a qualified and experienced surveyor that has all the necessary certifications and approvals for the job. Make sure that they are registered to the authorities for assurance.
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