What is a construction cost report?
A construction cost report is an assessment of the anticipated cost of specified building works. A quantity surveyor uses the available project information, measurements, cost evidence and stated assumptions to prepare the agreed analysis.
Owners, developers and financiers use cost reports to examine a project budget, compare proposed expenditure or assess a funding proposal. Propti helps arrange the report around the decision you need to make and the documents available.
Choose the right cost assessment
An early feasibility estimate may be based on concept plans and broad allowances. A detailed cost plan uses more developed drawings and specifications. A lender's initial QS report may require a particular assessment of the contract, budget and project risks. These are different instructions with different levels of detail.
A construction cost report assesses building expenditure. A property valuation assesses property value for an agreed purpose. A tax depreciation schedule addresses a separate property reporting need. One report should not be assumed to fulfil all three purposes.
What can the report cover?
- Building works, materials and labour by trade or element.
- Site works and project-specific construction requirements.
- Allowances, contingencies and professional fees where included.
- Comparison of the proposed budget or contract with the assessed scope.
- Assumptions, exclusions and items needing further information.
Ask whether the figures include GST, escalation, external works, consultants and other development costs. Clear inclusions make estimates easier to compare and reduce the risk of treating an incomplete allowance as the total project budget.
What to provide before ordering
Share the site address, intended use, project stage, drawings, specifications, building contract or tender, cost breakdown and proposed programme. Include lender instructions if the report supports finance. Tell us about incomplete designs, unusual site conditions and known variations.
Cost information is tied to a defined scope and assessment date. Design changes or changing construction conditions may require an update. During construction, stage inspection reports can provide a separately scoped review of progress and claims.
Construction cost report fees
Fees depend on project scale, design detail, reporting purpose, property location, site access and the amount of analysis required. Request a tailored construction cost report quote and confirm the deliverables and expected timing before proceeding.
Frequently asked questions
Can I obtain a report before final plans are ready?
Yes, an early estimate may be possible using concept information. Its assumptions and level of detail should be clear, and it may need revision as the design develops.
Will my lender accept the report?
Confirm the lender's required format, scope and appointment process before ordering. Acceptance depends on its instructions and assessment.
Is a cost report a fixed-price building quote?
No. It is an assessment based on stated information and assumptions. A builder's offer and contract address different commercial obligations.
Can the report guarantee the project will stay on budget?
No. A report can identify allowances and cost risks, but later variations, delays and site conditions can change expenditure.