How are the costs assessed in the Quantity Survey Method?

The Quantity Survey Method assesses costs through a detailed itemization of each component involved in the construction or renovation of a property. This method breaks down the project into individual elements, such as materials, labor, and overhead costs, allowing for a comprehensive understanding of expenses incurred. This granular approach enables appraisers to capture the specific requirements and attributes of each component accurately, leading to a more precise valuation.

Itemization is beneficial because it provides clarity on where costs are coming from, which can facilitate better budgeting and forecasting for future projects. This systematic breakdown also helps ensure that all aspects of construction are accounted for, minimizing the risk of underestimating overall costs. The method contrasts with more generalized approaches like averaging costs or relying on qualitative assessments, which may not capture the unique characteristics of a specific project as thoroughly.