It is not hard to get excited when planning everything about your new home, but during this time period, it is important that you contact all the right professionals who are going to make sure your building is a success. While most people will obviously remember to contact an architect, engineer, construction company and so on, a lot of Australians forget to include a quantity surveyor in their planning phase. If you want to make sure that you have all the vital information correct when designing your building, then it is important you include a quantity surveyor, and here is why.
Estimating Costs
The most important role of a quantity surveyor is to estimate the total costs of the construction of buildings. That includes everything from the materials used in the foundation to the insurance costs that your construction crew will hire during this project. Often a quantity surveyor is used by a bank to ensure that the construction of the house isn't going to go vastly overbudget, but they can also be hired by individuals such as the homeowners themselves or investors when it comes to commercial buildings. One service that a quantity surveyor can help you with is planning out the appreciation of your home.
What Is Depreciation?
Depreciation is the amount of lost value over time due to wear and tear. So, on a car depreciation is much quicker than on a house, but depreciation does still affect buildings which is why a quantity surveyor can be so useful. They can outline a full schedule of just how much a building will depreciate in value due to nothing more than wear and tear. This can help you prepare by setting money aside for maintenance, but most importantly it can also help you with taxes. Depreciation can be claimed in taxes, and this can save you thousands of dollars every year.
What Do They Need?
A quantity surveyor should be given full access to all of your plans as well as financial statements. They should also be told which construction companies you are considering, as well as any other contractors, and generally, be made aware of any unique situations you are facing. The more accurate their predictions are the better it will be for your wallet now when building the house and later on when you want to claim some tax benefits. Never underestimate how important a quantity surveyor can be, as they have saved many people a lot of money, so be open with them.
Share15 September 2020
Hello! My name is Hannah and this is my money blog. I decided to start writing about this topic after my recent visits to see a financial advisor. The advisor was able to give me lots of fantastic advice about how I could improve the state of my finances. I had been spending too much money and not saving enough and it was really starting to stress me out. Thankfully, by following the advice given to me by my advisor, I have now started to take control of my money. I hope you enjoy reading this blog. Thanks for stopping by!