Construction Cost Consultancy

Navigating the intricacies of the construction landscape can often seem like a daunting task. The cost associated with it can quickly escalate if not carefully managed, leaving one in a financial quagmire. This is where the role of a cost consultant becomes vital.

Offering a blend of expertise, experience, and an in-depth understanding of the construction industry, a cost consultant provides invaluable assistance in controlling and reducing your construction-related expenditures, ensuring that you achieve maximum value for every pound spent.  

Construction Cost Consultancy

How Can a Cost Consultant Help with a Construction Project?

A cost consultant is like a navigator for your construction project, guiding you through the maze of costs and expenses. They assist in every stage of the project, from initial planning and budgeting to completion, ensuring consistent financial management. 

They employ their industry knowledge to make reliable cost estimates, helping you set a realistic and manageable budget. Additionally, they identify potential cost-saving opportunities by evaluating different design and construction options, ensuring you get maximum value without compromising on quality. With their expertise, they can flag any overpriced goods or services, preventing you from overspending.

Moreover, they collaborate with other project stakeholders, like architects and contractors, to establish a harmonious working environment that facilitates efficient decision-making.

Our Cost Consultancy Approach

At Elect, we have a team of chartered quantity surveyors who are experts in cost consultancy. They combine traditional knowledge with years of experience to provide comprehensive advice on design, procurement, and construction. 

We understand the importance of cost certainty and efficient financial management for our clients. That’s why we use cutting-edge software and technology to enhance our efficiency and stay ahead of the industry.

We work closely with the design team, offering Building Information Modelling (BIM) services to create a collaborative and efficient working environment. Our ultimate goal is to exceed our clients’ expectations. By blending innovative technology with our construction expertise, we deliver cost-effective solutions for all projects.

Our Construction Cost Consultancy Services

As part of our offering, we present a comprehensive suite of consulting services tailored to meet the unique needs and challenges of every construction project, recognizing that cost is a critical factor in the construction and property sector.

Quantity Surveying

As your strategic partner, we undertake detailed cost planning and commercial management throughout the entirety of your project. From initial estimates to final accounts, our experts ensure that your budget is maintained, identifying potential overspends and suggesting cost-effective solutions. As part of our quantity surveying services, our professional team will not only help in budget formation but also risk analysis, contract administration, and procurement strategy, ensuring all financial aspects of your project are taken care of. 

Feasibility Studies

One of the most important steps is to determine the feasibility of a project. Our team, specializing in construction cost advice, conducts in-depth feasibility studies, evaluating the project’s practicality and potential roadblocks from a cost perspective. We provide a clear picture of the expected costs, risks, and return on investment, helping you decide whether to proceed with the project. With our feasibility studies, you can embark on your construction journey with confidence and a clear vision.

Benchmarking

Benchmarking is another pivotal service in our portfolio. It involves comparing your project’s costs with similar projects in the industry to ensure cost-effectiveness and value for money. We provide insight into how your project stacks up against industry standards, enabling you to identify areas for improvement and potential savings. Through our comprehensive benchmarking process, we provide valuable context to your project expenses, ensuring that you’re never in the dark about where your money is going.

Estimating

Our adept team meticulously evaluates the different aspects of your construction project to generate accurate and reliable cost estimates. This integral process provides you with a clear financial roadmap at the outset, supporting strategic decision-making and effective budget management. We scrutinize every detail, from materials, and labour costs, to schedule and potential risks, to ensure that no unexpected costs catch you off guard.

Cost Planning

We employ strategic foresight and meticulous analysis to create a detailed cost plan for your project. By monitoring and adjusting the plan throughout the project lifecycle, we provide a real-time view of costs against the budget, enabling proactive financial decision-making. This process aids in managing cash flow, mitigating risks, and ensuring cost-effectiveness. Our experienced team ensures that your project remains financially viable from start to finish, thus ensuring a smooth, cost-efficient construction journey.

Procurement Advice

Our team leverages its extensive industry knowledge to guide you through the complex procurement process. We assist you in selecting the best procurement route, ensuring it aligns with your project objectives and risk profile. From evaluating tenders to contract negotiation, we ensure you attain the best value for your investment. Our expert advice aims to streamline your procurement process, leading to cost savings and successful project outcomes, making your investment journey seamless and efficient.

Tender Preparation

Effective tender documents are key to attracting the right contractors for your project. Our team skillfully prepares these documents, ensuring they are clear, comprehensive, and tailored to your project. We handle all aspects, from defining the scope of work to setting evaluation criteria for bids. Our meticulous approach ensures you receive competitive and fair bids, leading to a successful project outcome.

Tender Reporting

Tender reporting involves a thorough analysis and evaluation of submitted tenders, providing you with an insightful report that aids in contractor selection. Our team meticulously reviews each tender and conducts an appraisal based on quality, cost-effectiveness, and suitability for your project. We highlight potential risks and opportunities, ensuring you are fully informed to make informed decisions. With our tender reporting service, you can be confident of a transparent, unbiased, and comprehensive evaluation, paving the way for the successful realisation of your project.

Cost Management

Our primary objective in project management is to ensure that your project stays within the set budget while attaining the highest quality standards. The effective management of cost is a critical factor in the successful delivery of our client’s project objectives and outcomes. Our seasoned cost consultancy team, armed with extensive knowledge of construction costs, performs comprehensive cost control, tracking, and analyzing expenditures, ensuring you get the best value for your investment. We help identify potential cost overruns early, enabling strategic adjustments and mitigations. Our project management services in cost management are designed to give you peace of mind and a successful, financially viable project outcome, making the most of your construction investment.

Final Accounting

Upon the completion of your project, we conduct a comprehensive audit to ascertain the total cost incurred. This meticulous process involves comparing the actual building costs against the initial estimates, thereby identifying any discrepancies. It allows for a transparent closure, ensuring all financial obligations have been met. Our final accounting service provides you with a clear, accurate understanding of your project’s financial landscape, offering insights for future projects and aiding in the continual refinement of cost estimation processes.

Bank Monitoring

Our role is to act as an intermediary between the client and the banking institution, ensuring that the funds allocated for the project are utilised effectively and appropriately. We monitor the progress of the project, compare the actual costs incurred with the estimated budget, and provide regular reports to the bank. We also identify potential risks and offer solutions to mitigate them, ensuring the project stays on track. Our bank monitoring service aims to protect the interests of the bank while assuring the client that their project is financially sound and progressing as planned.

Building Information Modelling (BIM)

BIM is a digital representation of the physical and functional characteristics of a facility, presenting a comprehensive view of your project. This intelligent 3D model-based process gives architecture, engineering, and construction professionals the insight and tools to more efficiently plan, design, construct, and manage buildings and infrastructure. It aids in visualising what is to be built in a simulated environment, identifying any potential design, construction, or operational issues. With BIM, we ensure that all aspects of your project lifecycle are optimised, from the design and construction stages through to its operation and maintenance, delivering cost efficiency and better project outcomes.

Feasibility Studies
Procurement Advice

Why Choose Elect as Your Construction Cost Consultants?

At Elect, we take great pride in offering unmatched building consultancy services that truly set us apart in the sector. Our consultancy team comprises highly experienced professionals who possess extensive knowledge and expertise in the field, ensuring meticulous management of your projects from start to finish. We understand that every project is unique, and we tailor our approach to perfectly align with your specific requirements, objectives, and risk profile. Our solutions are completely bespoke, leaving no room for compromise.

We don’t just consider ourselves consultants; we see ourselves as partners in your construction journey within the sector. Our primary goal is to fully comprehend the objectives of your project, allowing us to provide robust advice and strategic insights that perfectly align with your business goals. Our unwavering commitment to excellence and client care ensures that we go above and beyond to deliver services that surpass expectations, resulting in substantial cost savings, effective risk management, and successful project outcomes.

In addition, our unwavering focus on compliance guarantees that your projects in the sector adhere to all industry standards and regulations. We also leverage the latest technology in our services, incorporating cutting-edge tools such as Building Information Modelling (BIM) to facilitate more efficient planning, design, and construction processes.

By choosing Elect as your cost consultant for your construction project within any sector, you are investing in transparency, expertise, and an unwavering commitment to the success of your project. 

Why Choose Elect as Your Construction Cost Consultants?

FAQs

What is the difference between a cost consultant and a quantity surveyor?

A cost consultant and a quantity surveyor both play vital roles in controlling the expenditures of a construction project; however, their focus areas differ slightly. A quantity surveyor primarily handles the detailed measurement and valuation of construction works, post-contract cost control, and final account preparation. In addition, a cost consultant takes a broader view of the project finances, encompassing strategic advice on procurement, whole-life costing, and economic forecasting, as well as complete cost appraisals, cost planning, effective management of costs, and commercial management through the full cycle of the project.

How much should a cost consultant charge the UK?

The fees of a cost consultant can vary greatly and depend upon several factors including the scale and complexity of the project, the level of expertise required, and the range of services provided. Typically, cost consultants in the UK may charge a percentage of the construction project’s cost, a lump sum, or on a time charge basis. In some cases, a combination of these methods may be used. It is advisable to discuss fees upfront and agree on a clear scope of services with your cost consultant. 

Are quantity surveyors in demand in the UK?

Yes, quantity surveyors are in high demand across the UK. The construction industry is a major contributor to the UK economy, and as such, there is a significant need for professionals who can effectively manage project costs, negotiate contracts, and mitigate financial risks. Additionally, as the industry adopts new technologies, surveyors with knowledge and skills in areas like Building Information Modelling (BIM) are increasingly sought after.