Recent economic conditions have highlighted the importance of financial planning. Financial outlay on a construction project, or refurbishment of an existing property is best undertaken only once a thorough assessment of the potential cost has been made.
Not only will the cost of the construction work and associated fees be estimated, but the availability of grants or reduced rate VAT for eligible projects can be investigated to ensure that best value is obtained.
Feasibilty advice can be given at the earliest stages of a project, having an idea of the size of building that can be afforded in advance of commissioning sketch proposals can save a lot of unecessary work.
Having eastablished a budget at the feasibilty stage, design options and materials specification choices can be looked at to make sure that the project stays within budget.
Once the design drawings and specification have been finalised, tender documents such as Bills of Quantities, or Schedules of Work, can be prepared and issued to approved contractors for pricing.
Bills of Quantities list all the components and activities needed for the construction work and tells the tenderers the quantities that apply in each case. This means that there is very little ambiguity with the tender price and any subsequent changes can be easy to value.
Schedules of work itemise the activities that need to be carried out, but do not necessarily give quantities. Schedules of work are less time consuming to prepare than Bills of Quantities and best suited to smaller projects.
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