Welcome back to The Property Blueprint Podcast! If you haven’t already, we encourage you to explore our last week’s captivating episode, where we delved into the process of achieving cost-effective and well-designed buildings, highlighting the significance of space planning and shedding light on the latest trends, including the shift towards more innovative and budget-friendly options.
In this week’s episode, we have Quoc Duong, co-founder of Duo Tax Consultancy join us on the couch. Quoc reveals how cost consultants play a crucial role in ensuring the financial viability and success of construction projects.
How Cost Consultants Help Optimise Your Construction Project ft. Quoc Duong
From working with his brother Tuan to understanding the difference between a Quantity Surveyor and an estimator, Quoc shares valuable insights that sheds light on the often-overlooked yet vital aspects of the construction industry.
In this blog post, we summarise the highlights of Quoc’s discussion and reveal the significance of cost consultants in driving smarter decisions and optimised costs for successful construction projects.
Understanding the Distinction: Quantity Surveyor vs. Estimator
Quoc Duong clarifies the key differences between Quantity Surveyors and Cost Estimators. While both roles involve cost assessment, a Quantity Surveyor brings a broader expertise encompassing project management, risk assessment, and contractual obligations. On the other hand, an estimator focuses primarily on calculating material and labor costs. The distinction is essential in comprehending the multi-faceted contributions that cost consultants offer to construction projects.
Leveraging Insurance Companies for Quantity Surveyors
Quoc highlights the collaboration between insurance companies and Quantity Surveyors, illustrating how insurance can mitigate risks for both clients and consultants. Having the right insurance coverage is crucial for cost consultants to safeguard themselves against potential liabilities and ensure clients’ peace of mind. This insight underscores the importance of partnering with reputable and insured cost consultancy firms.
Why Banks Rely on Quantity Surveyors
Quoc divulges why banks regularly engage Quantity Surveyors (QS) for construction projects. Independence. Quantity Surveyors offers financial institutions unbiased and professional evaluations of project costs, ensuring the proposed budgets are realistic and feasible. Why? To protect their investment and ensure they’re not overfunding or underfunding a development. By working with QS cost consultants, banks can confidently finance construction endeavors and minimise potential risks associated with inaccurate cost estimations.
Empowering Builders and Property Owners with Cost Assessments
Quoc shares how builders and property owners can leverage the services of cost consultants like Duo Tax Consultancy to ascertain the cost and feasibility of their construction projects. By tapping into the expertise of cost consultants, builders gain valuable insights into anticipated expenses, risk management, and budget optimisation. Property owners can make informed decisions about their investments, leading to more successful and financially viable construction ventures.
Navigating Disputes During the Building Process
In the podcast, Quoc addresses the potential disputes that can arise during construction projects. Cost consultants play a pivotal role in mediating such disputes by providing unbiased and expert opinions on cost assessments and contract-related matters. Their presence facilitates smoother communication between stakeholders, ensuring that disputes are resolved efficiently, thereby contributing to the project’s success.
- 00:00 – Intro
- 01:06 – Funny Brother Story
- 06:01 – How Quoc Started Working with His Brother Tuan
- 08:01 – Brain Buster Preview
- 08:40 – Main Difference Between Quantity Surveyor and An Estimator
- 11:33 – How Insurance Companies Can Help Quantity Surveyors
- 15:04 – Getting Insured with the Right Amount for Homeowners
- 18:52 – Banks Having Their Own Quantity Surveyor
- 21:40 – Construction Cost Estimates
- 24:09 – Brain Buster Segment
- 28:42 – Final Messages and Outro
How to Download or Listen to Episode 7 of the Property Blueprint
We’ve made it easy for you to watch or listen to Episode 7 of The Property Blueprint Maximising Design & Cost Efficiency in Home Construction – by making it available on all major platforms including Youtube, Spotify, Apple Podcasts and Google Podcasts. Alternatively, you can listen now using the podcast player below.
About The Property Blueprint
The Property Blueprint is a podcast aimed at educating and empowering all property investors, whether they are just starting out on their property journey, or a seasoned investor with multiple properties in their portfolio. You can learn more about The Property Blueprint here, or tune into ‘Episode 0’ where we explain the purpose and mission of the podcast.
The Property Blueprint is proudly brought to you by Duo Tax.