Do I need a quantity surveyor?
The majority of buyers of
country houses and estates
will be contemplating
improvements even before
completion. Accurately
estimating the cost of your
project, and staying within
budget is never simple. Some
people regard a quantity
surveyor as an additional
cost. In many cases, however,
a good QS will give you the
certainty and control you
need, and in all likelihood,
will deliver you net savings.
How can a QS save you
money?
Never underestimate the
complexity of a building project,
or the potential for minor
changes to bring about major
cost movement. The simpler,
more efficient the process, the
fewer demands there will be on
your own time and the more
likely you are to avoid disputes.
Employing a good QS will also
allow your architect to
concentrate on their own key
tasks, rather than being dragged
into the detail of procurement,
tendering and and contracts.
With access to a wide range of
historic cost data, a quantity
surveyor, working in conjunction
with an architect, will give you the
most accurate cost estimates for
proposed building works. This, in
itself, has a huge value, because
the last thing you want is to
embark on a project with an
unrealistic idea of how much the
out-turn cost could be. This much
may seem obvious, but a good
QS will also give you invaluable
advice on VAT implications,
insurance valuations, and dispute
resolution.
Procuring competitive
tenders.
As part of the ‘pre-construction’
process a QS will advise on the
most cost-effective and efficient
procurement options. You may
want to choose a particular
builder and negotiate a price. You
may prefer to obtain competitive
tenders from a series of
recognised builders who have
extensive experience in the
sector. If time is of the essence,
then your QS could negotiate a
‘cost plus’ contract, which means
you control your budget by
paying base costs plus an agreed
profit margin.
Your QS can also advise you on
the need for, and effective
selection of, consultants, such as
architects, engineers, interior
designers, landscapers and
suppliers of specialist materials.
Your QS will give you regular cost
reports throughout the
construction process, forecasting
final out-turn costs and assessing
the impact of instructions or
proposed changes on both cost
and programme.
They will also prepare interim
valuations of works completed on
a regular (usually monthly) basis,
ensuring that payments are only
made for work completed. Cash
flow forecasts will facilitate
financial planning.
The final process is to agree the
‘final account’ with the contractor
taking into account any changes
to the tendered or agreed
contract sum.
Middleton advice.
A good QS should give you
certainty, cost control and net
savings.
Thanks:
Ian McCoy, Selway Joyce.
Advice papers Middleton Advice is a series of top-level answers to questions that are often raised over the course of our client relationships.
It’s important to note that you should not proceed with any investment decision on the basis of the advice contained in these papers without further consultation with
Middleton or other professional advisors. Information accurate at publication date of January 2016.