Quantity Surveyor or Valuer? Who should be doing your Replacement Cost Assessments
A Quantity Surveyor is also known as a Cost Manager or Construction Economist making them an important consultant to the construction industry. From conception to completion, Quantity Surveyors are involved in all stages of a project. This gives them the knowledge and experience to generate accurate and detailed reports. Quantity surveyors are considered construction cost experts. This differs from a Valuer as they are considered experts in the market value of land and property. Valuers are usually engaged in the post-occupancy stage, with little knowledge and exposure to the ever evolving construction processes and costs, generating estimations based on surrounding property data to conclude the value of a property.
So, who is the best person to engage for Replacement Cost Assessments?
In the event of a natural disaster or fire it is not only important but mandated that a strata building is accurately insured to be able to cover all costs involved in reconstruction or part-reconstruction. To adequately insure a building, Replacement Cost Assessments (formally known as Insurance Valuation Reports) are generated. While the cost of the building is the main component, there are other important costs to consider. These include the cost of professional fees, inflation, authorities’ fees, demolition, removal of debris and the cost of all work external to the building. With the expertise of a Quantity Surveyor, all aspects are considered and meticulously costed, delivering the most reliable Replacement Cost Assessments.