Let’s Talk About Construction Budgets

Quantity Surveyors: Roles and Responsbilities
15 December, 2020

Whether you’re a residential or commercial property developer, you will come across a wide range of construction costs. These cover everything from the price of materials to paying contractors. Having a clear understanding of your construction budget is important, as it will help you manage cashflow and thus lead to successful project completion.

Being on top of your budget means that you will account for unexpected items such as increases in interest rates, holding costs and even contractor availability. A Section 94 Report (also known as a construction cost report) maintains an accurate record for every stage of your residential or commercial construction project.  At PBAQS, our primary service is to provide Section 94 reports to residential and commercial developers across Sydney and NSW.

Why do you need a Section 94 Report?

The main reason that you need a Section 94 report is that they are required by law to be submitted along with your development application.

The secondary reason you need a construction cost report is to ensure that you don’t unexpectedly blowout your budget and know exactly where your money is going. You should hire a professional quantity surveyor to create a report prior to the commencement of your development. From there, the report can be updated on a weekly, bi-weekly or even monthly basis. As a result, you’ll be keeping track of your costs in real time, ensuring you stay on budget for the duration of your project.

As any seasoned developer will tell you, it’s not uncommon for projects to go over budget, as well as timeframes for that matter. Professional quantity surveyors are here to help your project stays on budget and on time. Here’s how a business like ours can help you:

  • We’ll inspect your development plans
  • We will calculate your construction costs in accordance with the Australian Cost Management Manual
  • We will ensure that GST is included in the total cost of your development

Our Section 94 reports will focus on two main areas, being: Main Elemental Costs and Sub Elemental Costs

Main Elemental Costs

These include building components, internal and external fabrics, internal and external services, super structure preliminaries, substructure and internal finishes, and more.

Sub-Elemental Costs

These include individual components used to create main components such as doors, walls, columns, windows, plumbing etc.

When we gather all of the above information, we will create a detailed report based on the size of your development. Our report will include an estimated total cost for the project, as well as a rate per square metre.

Contact us Today to Keep Your Construction Budget in Check

We’re here to help get your project off to the best start. Our QS report will help you keep on budget and minimise outgoing costs. Our goal is to help your development project run smoothly. Contact us via our form and one of our team members will get back to you promptly.