We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
rebuild costs
Options
silvercar
Posts: 49,558 Ambassador
Looking for building insurance for house move.
Just checked at the rebuild costs and its 36% of the purchase price. I expected it to be lower as the house has a 200 foot garden and is within the M25, so high land costs.
For comparison I looked at the rebuild costs of the house purchase that fell through and its 51%. Both houses are about the same price and in the same area. The first house had a 100 foot garden so I'd expect the rebuild costs to be a higher percentage.
The puzzling bit is that both houses are the same sort of size, so why has one got a much higher rebuild cost (the difference is over 100,000!).
Am I safe to go with the price quoted?
Just checked at the rebuild costs and its 36% of the purchase price. I expected it to be lower as the house has a 200 foot garden and is within the M25, so high land costs.
For comparison I looked at the rebuild costs of the house purchase that fell through and its 51%. Both houses are about the same price and in the same area. The first house had a 100 foot garden so I'd expect the rebuild costs to be a higher percentage.
The puzzling bit is that both houses are the same sort of size, so why has one got a much higher rebuild cost (the difference is over 100,000!).
Am I safe to go with the price quoted?
I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
0
Comments
-
The land cost hardly comes into it, it is a re-build cost. Therefore it covers demolition, excavations and re-building, you already own the land! Had one of the two houses you are comparing got a garage, cellar, 2nd floor? anything like that which could alter the re-build cost but not affect the value compared to a similar value property, if you understand what I mean?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
The higher rebuild was a 1960s built very standard house.
The lower rebuild was a 1930s house (higher ceilings etc) with a modern extension (2004).
Both have no cellars or loft conversions, both roughly the same size yet over 100k difference in rebuild costs.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
i have two terraced houses in the same street = 3 doors away from each other - both built in the 1920's. The rebuild costs of both were calculated by the same surveyor for different lenders, and they came out quite different - when i asked him why, he talked about the building finish - one had much more expensive kitchen in it than another; one had much more expensive flooring, one had already had wall-ties replaced, the other had not and so on. Rebuild costs of a brick terraced victorian 2up/2downer ranges between £788 and £1122 per square meter re-building costs in a particular postcode of Lancashire.
Are both your houses the same construction ? Brick and tile roofs ?
http://www.abi.org.uk/ is the website you need to calculate your own rebuild0 -
solved the problem, directline seem to be the cheapest quote and they don't have any restriction on rebuilding cost.
Still curious, and the one with the lower cost has a much better finish, new (expensive) bathroom and kitchens. It was a different surveyor.
I wonder if they work backwards. Take the price you pay knock off a land cost based on plot size and give you the remainder?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
It is possibly just the age. The 30's house may need a lot more work and materials to re-instate it (high ceilings, wood details) plus may need more to bring it up to present standards. I can't imagine you can re-build a "write off" house without complying with current building regs.silvercar wrote:The higher rebuild was a 1960s built very standard house.
The lower rebuild was a 1930s house (higher ceilings etc) with a modern extension (2004).
Both have no cellars or loft conversions, both roughly the same size yet over 100k difference in rebuild costs.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
The 30's house may need a lot more work and materials to re-instate it (high ceilings, wood details)
But the 30s house has the lower rebuild!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
silvercar wrote:solved the problem, directline seem to be the cheapest quote and they don't have any restriction on rebuilding cost.
Technically they do, they cover rebuild up to £1,000,000 on their standard policy... sure that probably is enough for you but just in case it isnt for someone else that reads this thread
All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
No Advertising or Links in Signatures by Site Rules - MSE Forum Team 20 -
Astaroth - i wonder if directline do BTL portfolio insurance on the same £1m policy ?0
-
The last time I looked DL didnt do any BTL insurance - whilst I havent been looking at the home market recently I would have thought someone would have told me if DL had launched such a product All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
No Advertising or Links in Signatures by Site Rules - MSE Forum Team 20 -
Technically they do, they cover rebuild up to £1,000,000 on their standard policy... sure that probably is enough for you but just in case it isnt for someone else that reads this thread
Interesting, as until a few months ago the limit was 400k, whichwas going to be a problem. Sadly £1m is not in the least!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards