show-me-the-money

SHOW ME THE MONEY

28.11.17

With any property commission, budget is key. But perhaps a more important aspect - is understanding precisely where that budget is being spent. 7Storeys offer clients complete clarity in this area to ensure peace of mind when crunching those all-important numbers

During the costing stage of a project or commission, 7Storeys draw up on behalf of the client what is called a bill of quantity. This working document outlines precisely what the commission entails in order to be completed according to agreed project objectives. This includes all items from foundation level through to those all-important finishing-touches.

Should those final aspects push the project over budget, 7Storeys immediately discusses this with the client with either an adjustment down to meet the original project budget or the selection of less expensive replacement items without any diminishment in quality of the products and materials selected.

This was the case with a recent residential development earmarked zone in Cape Town. Due to the tax benefits of having property there, prices of older homes are high which means design and budget has to be adhered to in such a way to benefit both the developer and the buyers.

7Storeys Alberto Pepler explains: “Due to the high level of land acquisition costs, the developer had to adjust their build requirements to make it financially viable for all parties. 7Storeys assisted in this regard undertaking market research on which residential property sizes sell best, together with purchase prices and what affordability ratios in the area.

“After this information was collated, our design and quantity surveying team sat down and formulated a solution which resulted in smaller units, while keeping the same high-end finish with amenities that would still attract buyer interest.”

7Storeys’ project managers all have either onsite quantity surveying experience, or have completed a quantity surveying course. Allocated project managers are responsible for communicating possible design and build changes with financial implications to clients, which in turn speeds up the decision-making process.

Adds Pepler: “We take pride in representing our client’s best interests during all stages of a project – from budget allocation, supervision of professional advisors, service providers and contractors, to ensure the project is completed on time and within budget.

“We have a transparent approach to quantity surveying and construction project management, and offer a full and detailed breakdown of costings with related third-party invoices and payment schedules to give client’s 100% peace of mind.”

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