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Why Valuations Are Vital for the Success of Your Construction Project

A Guide for Contractors by My Build Estimate

So, you’ve produced that exceptional estimate, you’ve used it to successfully win the tender for that big project, and you’ve succeeded in putting pen to paper on all-important contracts.

All that’s left to do now is to arrive on site and get the job done, right?

Not exactly.

There’s still one last thing to consider:

Investing in a valuation service to ensure timely and accurate payments for both completed and work-in-progress projects.

 

What is a Construction Project Valuation?

In its most basic sense, a valuation is a process by which an independent third-party visits your construction project to ensure that work has been carried out in accordance with the contract conditions. This is done to ensure that the contractor is paid for work carried out.

Typically, this will involve carrying out measurements of both work and delivered materials. Variations and extras will also be processed, and used to create an overall picture of the current state-of play.

 

What are the Benefits of Construction Valuation?

For the project owner, this work provides a solid indication as to the progress of any given project.

For the contractor, the valuation serves as a means of providing evidence to the client that every last detail is accurate, and thus that the client is getting exactly what they’re paying for.

Yet even that is just scratching the surface when it comes to the benefits of project valuations to building contractors.

 

Hands-on Support with Payment Applications

As a contractor, interim certificates and in-progress payments are typically the only source of income you’ll have at your disposal as you work to complete the project.

So, naturally, it’s important that payments are not only received in full, but also on time, every time.

That’s where your build estimator or quantity surveyor comes into play.

As part of your valuation service, they will take on the responsibility of preparing and processing interim valuations and payment applications.

Beyond that, they will also value and work to agree upon any necessary contract variations, and provide final measurements once work is completed.

 

Invest in the Success of Your Project with Valuation Services from My Build Estimate

Did you know that as well as creating effective and affordable construction estimates for building contractors and other industry professionals, My Build Estimate’s experienced quantity surveyors are also on hand to assist with all your project valuation requirements?

Discover what we can do for your business by contacting us online today, or by calling now on 0800 369 8977.

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