How can I find out the Construction Cost of my project?

In the early stages, it can be useful to compare your project to other similar projects to get a general indication of likely cost. Be careful to understand how similar, or not, the two projects are, and also whether the comparison project was recent enough for the numbers to still be relevant. It is worth bearing in mind that people may not always be clear on the full level of cost when recounting a past project. It is also worth considering what sort of project structure, team and contractor were used.

For an initial cost estimate relating specifically to your project, a Quantity Surveyor (QS) can provide an initial budget estimate based on some preliminary information. While it is not possible to cost a project in detail or with pinpoint accuracy at this very preliminary stage, the estimate can be useful to understand the general order of magnitude prior to progressing too far with the design process. Later in the process, once more design information has been prepared, the QS can provide an updated and more detailed estimate. The more information they have the more accurate the estimate, so there is a balance to be struck between getting information early enough to influence the design process and waiting until sufficient design and specification decisions have been made.

The point at which estimates turn into actual quotations is when the detailed design has been tendered, ideally to three different contractors. This will allow you to gauge the range of prices from different firms. Ultimately, the actual cost will only be 100% certain once you have completed the project, as it is only at this point that all design changes and contingency items are known.