The Association of South African Quantity Surveyors (ASAQS) says there is a growing need for property developers to consider more than just the initial costs when constructing a building.
To help developers and owners gain greater insight into what their buildings will actually cost them over their lifespan the ASAQS has developed a new document that will guide professionals in the built environment on the importance of calculating the Life Cycle Cost of a building and how to calculate these costs. Life Cycle Costing (LCC) is the total costs of an asset over its entire operating life, including initial acquisition costs, and subsequent running costs. ASAQS EduTech Director, Karl Trusler, says that traditionally, the most important factor taken into account when considering the development of a project are the initial capital costs.Maintenance costs add up
“The initial capital investment is only the tip of the iceberg when considering the Total Life Cycle Cost of a project. It’s the part we all see, but what we do not always see is the much larger portion of the costs that will be spent on maintaining the building over its lifespan,” says Trusler.“Instead of presenting clients with a cost report indicating the initial cost of erecting a building only, what is needed is a way to show clients what type of costs they are likely to incur to maintain a building over an extended period of time. The new LCC document will equip people with the ‘why’ and ‘how’ to go about doing this.”
