We can create 2 types of specification and budget to inform your process.
The first type is a high level specification and budget. This estimated budget is produced once the concept design has been agreed and uses the fundamentals of the concept but requires some creative thought from our estimators. They will use their significant experience to apply rates of previous similar schemes. This type of budget is only to be used to gain a general understanding of the required spend.
The second type of specification is a detailed specification and can only be produced once the detailed design has been created and approved, it quantifies the approved design and lists the detail thereby facilitating the production of a detailed budget. It is a much more robust document and is usually withing 10% of the final spend (if the design remains unaltered).
A detailed budget provides the following assurances:
- Confidence that every detail of a project has been identified and itemised.
- A common understanding thereby protecting your budget.
- Unit pricing enabling you to make additions at agreed rates.
The detailed budget will include all elements of spend including the main contract, any nominated contractors, furniture and fees. We will need to fully understand your expectations and any restrictions with regard to nominated subcontractors in order to offer best advice.