In real estate appraisal and construction, a quantity survey is a detailed and technical method used to estimate the cost of new construction. It involves calculating the exact quantities of materials required, such as lumber, drywall, brick, and concrete, along with current material prices and labor or installation costs.
All of these components are combined to determine the total cost of constructing a structure. Appraisers may use the quantity survey method under the cost approach to value, particularly when a high degree of accuracy is required for complex or specialized buildings.
