The Art of Building Reinstatement Cost Assessment

The Art of Reinstatement Cost Assessment

Reinstatement cost assessment involves a blend of technical expertise, attention to detail, and an understanding of the unique factors influencing property value.

Building reinstatement cost assessment is a specialised field, and engaging the services of a qualified and experienced chartered surveyor is crucial for obtaining reliable valuations, essential for making informed decisions regarding an investment or insurance of your valuable asset.

In this article, we delve into the various techniques and best practices that professionals employ in rebuilding cost assessment.

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Why is providing an accurate rebuild cost assessment not easy?

Accurate reinstatement cost assessment involves evaluating many factors, including the current condition of a property and estimating the cost required to rebuild it to its original state. It requires a comprehensive understanding of construction materials, labour costs, and local building regulations.

A thorough inspection is the first step in the assessment process. A qualified chartered surveyor examines the property, noting its size, layout, materials used, and any unique features. This inspection forms the foundation for an accurate assessment.

Understanding the construction materials and methods used in the original structure is crucial. The chartered surveyor identifies the quality of materials and determines whether any specialized techniques were employed. This information helps estimate the cost of rebuilding using similar materials and techniques.

Building regulations vary by location. Therefore the chartered surveyor must have a deep understanding of the local regulations to accurately determine the cost of complying with these requirements during the reconstruction process.

Labour and construction costs form a significant part of the rebuilding process. Surveyors use industry-standard data, but need to be aware of the local labour rates, availability of labour, and market conditions to estimate the cost of hiring skilled tradespeople and contractors for the reconstruction project. .e.g. if your property is covered with thatch, it may not be easy to find both the materials and the tradesmen to complete the reconstruction project.

External factors such as inflation, market conditions, and seasonal variations can impact the cost of reconstruction. The surveyor will consider these factors when assessing the projected cost, ensuring a realistic and up-to-date valuation.

Building reinstatement cost assessment requires continuous learning and staying updated with industry trends and regulations. Our surveyors engage in professional development activities, attend workshops, and participate in relevant forums to refine their skills and knowledge.

Modern assessment techniques leverage technology and data to enhance accuracy. Advanced software, cost databases, and 3D modeling tools aid in streamlining the appraisal process and improving the precision of cost estimates. We often use 3D imaging technology to capture the unique features of your buildings and property to ensure that is rebuilt to the exact standard in case of damage.

If you need help with an accurate building reinstatement cost assessment for insurance purposes, contact us.

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Why is the Rebuild Cost Review important?

According to SCSI – Ireland’s leading body for property, land and construction professionals, the national annual rate of construction price inflation is now running at 14% .Lockdowns due to Covid, supply chain shocks and the war in Ukraine have seen tender price inflation rise by 22% over the past 18 months.

Rebuild Cost Assessment Follow Up

After a thorough Reinstatement Cost Assessment, to ensure that your rebuild value remains correct and up to date, we recommend following the RICS best practice guidelines which state that a desk-based Rebuild Cost Review should be completed 2 to 3 years after the full Reinstatement Cost Assessment.