The Bill of Materials (BOM) and Cost Estimates is a requirement when applying for a Construction/Renovation Loan. It lists down all the raw materials and labor required to build a home. It thoroughly details the quantities to be used and MUST be prepared by an architect.
It tells how much exactly the construction is. When applying for a housing loan, the banks require this to asses if the loan amount being requested is consistent with the construction cost estimate.
It’s required by the local government. To get a building permit and start your construction, you must submit a copy of the bill of materials to your local government.