The Benefits of Early Cost Planning
With the tightening of the credit market brought on by the Global Financial Crisis, many banks and lending institutions have required property developers to complete extensive cost investigations before giving the green light to new loans. But as many property developers are finding, early cost planning has major benefits for not only the banks.
Quantity Surveyors are proving there is a lot of added value in getting them involved at the ground level of a new project, rather than at the tail end of the design process. Many developers are turning to early cost planning for a number of reasons. These include:
- Better understanding of market conditions. Quantity Surveyors have an indepth understanding of the property market and access to historical information which can assist developers in evaluating various feasibility options for a particular site or project.
- Knowledge of alternative building methods that may save time and money. The rate of product innovation in the building industry is extreme. Getting a Quantity Surveyor in early can ensure that material and product choices are inline with budget forecasts.
- Skilled in identifying project risks. Before large amounts of time and money is spent on design, project risks can be identified and plans implemented to minimise these risks.
- Speedier bank approvals. Getting an early cost plan will help in proving a project's feasibility and demonstrate a commitment to strong financial management of the project.
More information
Visit our website for details on Washington Brown's cost planning services. If you would like to speak with our cost planning team call 1300 99 06 12 or email us.