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Survey - rebuild cost
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Posts: 75 Forumite
What does this mean?
My valuation is exactly the same as the price the estate agents are marketing it for, but the rebuild cost is nearly twice as much as the valuation, is this good or bad? I dont really understand the rebuild section.
My valuation is exactly the same as the price the estate agents are marketing it for, but the rebuild cost is nearly twice as much as the valuation, is this good or bad? I dont really understand the rebuild section.
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Comments
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To rebuild the house might mean a catastrophic event. Take a fire.... and the whole house/plot would need to be cleared and if it's joined (semi or terrace) then a neighbour's house would need to be propped up.
It costs a lot to clear, clean, remove debris from a plot - and prop up a neighbour's house before and during the build.0 -
I would say for rebuild a good ballpark figure is around £130 per sq foot.0
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The rebuild cost is TOTALLY unrelated to the market value or price you pay to buy. It can be a lot more, or a lot less. In areas where house prices are very high (eg central London) the market value is pushed way up by demand. But the cost to re-build after a fire is dependant on price of materials and labour. No connection.
For rebuild costs, see the BCIS calculator here.0
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