A quantity surveyor's (QS) final report is the definitive financial record of your building project. It pulls together everything from the original budget through to the last dollar spent, giving you a clear, auditable picture of where your money went. Whether you're a homeowner completing a renovation or a developer wrapping up a large build, understanding what this document contains helps you close out your project with confidence.
What Is a Quantity Surveyor's Final Report?
Also called a final cost report or final account report, this document is produced by a QS at the completion of a construction project. It reconciles the original contract sum against all actual expenditure, and it forms the basis for the final payment to your contractor. In New Zealand, this report is a standard deliverable on most commercial and larger residential projects, and it's increasingly common on mid-sized home builds and renovations too.
Key Sections You'll Find in the Report
1. Project Summary and Background
The report typically opens with a brief overview of the project — the property address, the parties involved (owner, main contractor, consultants), the original contract date, and the practical completion date. This section sets the context for everything that follows.
2. Original Contract Sum
This is the agreed price at the start of the project, as set out in the signed contract. The QS uses this as the baseline against which all changes are measured. It's important to have this figure clearly documented, especially if disputes arise later.
3. Variations and Change Orders
One of the most important sections. Variations are any changes to the original scope of work — additions, deletions, or substitutions — that affect the contract price. The final report lists every approved variation, its description, and its cost impact (positive or negative). In NZ, variations should be agreed in writing under the contract terms (commonly NZS 3910 for commercial work or a residential building contract). If you've had a lot of scope changes, this section can be lengthy.
4. Provisional Sums and Prime Cost Items
Provisional sums are allowances included in the original contract for work that couldn't be fully defined at the time of signing — for example, earthworks or specialist subcontractor costs. Prime cost (PC) items are allowances for materials or fittings to be selected later, such as kitchen appliances or bathroom tapware. The final report reconciles what was allowed versus what was actually spent on each of these items.
5. Adjustments and Omissions
Any work that was removed from the scope (and therefore deducted from the contract sum) is listed here. This might include items the owner decided not to proceed with, or work that became unnecessary during construction.
6. Subcontractor and Supplier Accounts
On larger projects, the QS may include a breakdown of subcontractor final accounts — plumbing, electrical, roofing, and so on. This gives transparency around where the money was allocated across the different trades.
7. Contractual Claims and Disputes
If the contractor submitted any extension of time claims, delay costs, or other contractual claims during the project, the final report documents how these were assessed and resolved. In NZ, construction contracts often reference the MBIE Building Performance guidelines and standard contract forms when dealing with disputes.
8. Final Contract Sum
This is the bottom line — the total amount payable to the contractor after all variations, adjustments, provisional sum reconciliations, and claims have been accounted for. It's the figure that drives the final payment certificate.
9. Final Payment Certificate
Many QS final reports include or are accompanied by a final payment certificate, which formally certifies the amount due to the contractor. This is a legally significant document under most NZ construction contracts.
10. Retention Release
In NZ, retention money (typically 5–10% of progress payments held back during construction) is released at practical completion and again at the end of the defects liability period. The final report will confirm when retentions are due for release. Note that NZ law has specific rules around how retentions must be held — your QS can advise on this.
11. Cost Comparison Table
A well-structured final report will include a summary table comparing the original budget, approved variations, and final outturn cost. Here's a simplified example of what that might look like:
| Item | Original Budget | Variations | Final Cost |
|---|---|---|---|
| Substructure | $X | +$Y | $Z |
| Superstructure | $X | -$Y | $Z |
| Fitout | $X | +$Y | $Z |
| Provisional Sums | $X | +$Y | $Z |
| Total | $X | +$Y | $Z |
(Actual figures will reflect your specific project.)
12. Lessons Learned / Commentary
Some QS firms include a brief commentary on cost drivers, areas where the budget was exceeded or saved, and recommendations for future projects. This is particularly useful for developers or organisations that build regularly.
Insurance Replacement Valuations
If your QS was also engaged to provide an insurance replacement valuation (common for homeowners wanting to ensure their home is correctly insured), this may be included as a separate appendix or issued as a standalone report. BRANZ publishes research on building costs that QS professionals use as a reference when preparing these valuations.
When to Call a Professional
A quantity surveyor's final report requires professional expertise — it's not something a homeowner should attempt to prepare themselves. If your project involved a formal building contract, you should engage a registered quantity surveyor to prepare or review the final account. Look for members of the New Zealand Institute of Quantity Surveyors (NZIQS). For projects requiring building consent, MBIE Building Performance is the key authority on compliance requirements. You can find qualified quantity surveyors in your area on tradedirectory.co.nz.
For any concerns about contractor licensing or building work quality, the Licensed Building Practitioners register is a good starting point to verify your builder's credentials.
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Licensed Building Practitioner (LBP)
ISO 9001 / 45001 / 14001
NZ Institute of Building (NZIOB)
