RICS REINSTATEMENT BUILD COST VALUATION
What is a Reinstatement Build Cost Valuation?
The majority of UK insurance underwriters stipulate that a Reinstatement Cost Assessment (RCA) be completed by a professional. This is to accurately determine the rebuild cost of a building in case of destruction. Once this is completed, the property can be insured. Therefore, virtually everyone needs a Reinstatement Build Cost valuation when buying a property.
What Reinstatement Costs are Covered in the Valuation Survey?
Reinstatement cost value shows how much it will cost to rebuild your household if it were destroyed or demolished in its entirety (e.g. fire, storm or other disaster). Reinstatement value isn’t the same as Market value, but does take into account the cost of obtaining the same materials and using similar forms of construction as the original construction. It also accounts for the cost of clearing the land in order to rebuild and replace things such as central heating and double glazing.
Why you need accurate Reinstatement Cost Values for Home Insurance
Determining the cost of rebuilding your home is needed so that you can get the correct insurance. The last thing you need is to insure your home for less than the Reinstatement Cost and suddenly be without a home and having to find the money to rebuild. You also do not want to overestimate the rebuild cost, otherwise you will overpay on your insurance.
How to get a Reinstatement Cost Build Report from a Chartered Surveyor
You should instruct a chartered surveyor who will be able to visit your property in order to calculate its reinstatement costs. The figure given is an accurate valuation which your insurance company will use in order to work out the cover you receive and at what premium. With this you are safeguarding yourself for any major accidents in the future which can leave your property in great disrepair. Contact us today for us to assist you in organising this service.
Surveys of Commercial Property
If you’re thinking of acquiring, leasing, subletting, disposing of, or altering commercial premises in Manchester, you would be well advised to locate a surveyor skilled in the nuances of commercial building surveying – should you spot a defect in a commercial building you can use that information to negotiate an asking price for the property that’s considerably lower than what the seller originally wanted, or you can talk your way out of a bad deal altogether.
Our Manchester-based team of RICS-compliant commercial building surveyors is equipped to handle matters throughout Manchester.
Contact
Our team prioritizes client care above all else. We look forward to being in touch with you so you can instruct a surveyor in Manchester, London, Bristol, Birmingham or Cardiff. You can reach out to us easily. Just fill out our form, and we’ll get back to you with a free quote for your survey. All our surveyors are qualified as members of the Royal Institution of Chartered Surveyors (RICS) and we are one of the UK’s leading providers of building survey and valuation services:
- Accredited Professionals: Certified by organizations like RICS, CIOB, and RPSA.
- Customized Survey Reports: inspections to meet your specific requirements.
- Local Expertise: Deep understanding and specialized knowledge.
- Expert Guidance: Professional recommendations and support.
The property survey you commission will be carried out by an accredited professional. Your chartered surveyor will be a member of the Royal Institution of Chartered Surveyors (RICS) or the Chartered Institute of Building (CIOB), or will belong to some other industry-standard professional body. Rest assured; you will receive highest quality of professional service for your survey.
