Quantity surveyors are construction professionals with proficient knowledge in construction costs and contracts. A quantity surveyor will estimate and monitor building costs from the feasibility stage of a project right through to completion. A quantity surveyor will also prepare depreciation schedules and provide cost estimates for insurance purposes.
As a property investor, you may not have used a quantity surveyor previously; the values used to calculate the depreciation deductions and replacement costs for insurance purposes all come from their work. Working with a quantity surveyor will help you get the most out of your property investments.
What is Quantity Surveying?
Quantity surveyors specialise in estimating and monitoring construction costs across a range of projects. They also assist with building measurements and estimating the value of costs to ascertain the value of building work, including any new construction, refurbishment, additions and renovations.
A good QS will also calculate the cost of materials for depreciation purposes and provide replacement cost estimates for insurance purposes. They can also act as an expert witness in mediation or arbitration cases, if necessary. Regardless of whether you are planning to invest in new construction or purchase an existing property, a quantity survey can provide valuable advice and estimates to help maximise return on your investment.
What does a Quantity Surveyor do?
Quantity Surveyors play several roles during the construction, renovation or refurbishment process. A QS will assist with cost planning and estimating, cost analysis, and value management to establish project budgets, estimate values and manage costs.
- Quantity surveyors use their expert skills and knowledge of construction methods and costs to advise on the best approach for property owners and help define budgets.
- A QS keeps a close eye on the overall project budget. They ensure that any unexpected additions are offset by the contingency budget and set out the expected cost of materials and labour during the build.
- They will produce depreciation schedules of the various project components and advise on realistic insurance replacement costs.
Regardless of your investment property’s age, should you ever need to make an insurance claim, a quantity surveyor can provide updated depreciation valuations to ensure you are claiming everything you are entitled to.
When Should Property Investors Use a Quantity Surveyor?
Before you start a new construction or renovation of a residential or commercial property, you should engage a quantity surveyor to maximise your Return on Investment. To get the most out of your property investments, it is crucial to have a comprehensive and up-to-date depreciation schedule for your property.
You should engage a QS when you first purchase an investment property, to assess the value of the building and the claimable assets inside. They will be able to provide an updated depreciation schedule you can use in calculating your deductions.
Claiming maximum depreciation deductions can make a big difference to your cash flow as a property investor.
At Chancery Group, we believe in working hard to make progress in the most cost-effective manner rather than working hard to fix expensive, preventable mistakes. Our team specialises in Chartered Quantity Surveying, Cost Consulting Services, Construction Project Management Services, Project Management Surveying and Chartered Engineering Services.
We provide these services across the Republic of Ireland to a wide variety of clients in the private and public sectors, including developers, main contractors, specialist subcontractors, government agencies, religious orders, court services and commercial enterprises. To find out more about our services, contact us via email info@chancerygroup.ie or call us on 057 935230.
