Investing in property, property development, building and construction are all complicated activities, and ones in which the advice of experienced professionals, including quantity surveyors is often invaluable if you are to avoid making serious and costly mistakes.
There are a range of professional advisors covering many different specialist property, planning, and construction, legal and financial subjects that any aspiring investor or property developer should be aware of, even if you choose not to call on their expertise.
In this short article we consider the role of the quantity surveyor or QS, sometimes referred to as the accountants of the construction sector.
Quantity Surveyors… what do they do?
Quantity surveyors are highly qualified construction professionals, specialising in the technology of building and construction, construction cost appraisals, cost analysis and construction finances, and are typically engaged during the building, development or renovation of property.
Quantity surveyors are often seen as the “accountants” of the construction industry as they advise on, measure, quantify and calculate construction related costs.
Quantity surveyors can also provide invaluable advice during the preparation of complex pre-construction development appraisals helping to build accurate cost estimates for site enabling and main construction and fitting-out works.
During the construction process quantity surveyors an invaluable cost planning and commercial management role to track budgets and financial performance.
On a practical level they will also typically take an inventory (survey) of all the building materials and labour that have been used in the construction project at the time of their survey, and are also able to project the cost of any on-going works.
This survey is used to create an accurate assessment of all building costs at a point in time, and can be used for accounting and phased payment purposes.
Chartered Quantity Surveyors & the Royal Institute of Chartered Surveyors (RICS)
Many quantity surveyors are professional chartered surveyors and are regulated members of the Royal Institution of Chartered Surveyors (RICS).
If you are selecting a quantity surveyor or similar construction cost professional for your building or property development project we would recommend that you consider firms of specially qualified chartered surveyors with experience of similar development projects.
Further details of chartered quantity surveyors can be obtained from the Royal Institution of Chartered Surveyors on their website… RICS →
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If you are a property developer or investor searching for, or currently reviewing development opportunities please contact our property experts today to discuss how Investment Property Partners can help you.
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