An estimate cost is an inferred value based on data collected from a sample of costing guides, collected data, and point-in-time quotes.
Reserve Fund planning renewal estimates are first, found in the benchmark as a current costs for one (1) iteration of a renewal for an aging component; and second, in the scenarios’ current and inflated projection of renewal costs in each fiscal-year column.
Estimates used in Reserve Fund Planning must be as close as possible to actual renewal costs for a development. This means that Quantity Surveyor aggregate new construction costs are a reference, but that they are not equal to renewal costs that occur when people are living in aging developments.
This also means that engineer Class D costs that are defined as being as far as 50 percent from actual costs are also not pertinent.
It is fair to say that estimate costs can be plus or minus 15 percent from actual costs, but that final project costs are determined by strata council officers’ decision-making.