Do Banks Recognise Valuations Done By A Quantity Surveyor?
A bank DOES recognise Valuations done by Quantity Surveyor however, it depends on what kind of Valuations you are talking about.
Quantity Surveyors provide Valuations of how much it costs to build a Building.
Property Valuers work out what the current market value of a Property (Building and Land) would be, should you want to sell it.
The Quantity Surveyor can provide Valuations to the Bank for the purposes of making Progress Payments for a Building that is being constructed. These types of Valuations are what the Bank sometimes calls Drawdown Certifications.
To ensure that the value of work on your Building Project is being accurately assessed, it is important when preparing Drawdown Certifications, that experienced and qualified Quantity Cost Specialists are used.
Quantity Surveyors can also provide Banks with a Valuation to replace a Building. This is often done for what is called a Replacement Cost Estimate (or Valuation) which is normally used for Insurance purposes.
If you require a Quantity Cost Professional as an independent third party for preparing Drawdown Certifications on your Building Project, or for Replacement Cost Estimates, tell us what type of Building it is and we will find you the appropriate Quantity Surveyors.
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See also: What Does A Quantity Surveyor Do?