There are several factors we take into account when we estimate the price of the project: the complexity of the solution and the amount of work required to generate computer graphics, animations, means of interaction and HMDs control. In case of 360 photo and video, it depends whether you will provide the material or filming and video editing has to be arranged.
Another factor that affects the rates of VR application development is how much VR team (including developers, marketers and project managers) charges for their time, quality and results. For instance, according to the website Think Mobiles: in North America (the US and Canada), you will be charged $40-$240 per hour when it comes to developers’ work. In Western Europe a programmer’s hour costs $40-$180, while in Eastern Europe it is $25-$70 and in India $5-$70.
Furthermore, we cannot emphasize enough how important it is that the client and VR development team create a specific VR documentation where both sides will be kept in the loop. The documentation usually includes the aim of the project, features, screenshots and references of aforementioned or existing projects and it is a comprehensive guideline of where the project is at any given moment.