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This is an assessment of the property’s estimated current reinstatement cost in its present form for insurance purposes, including outbuildings, site clearance, and professional fees but excluding VAT (except on fees). This figure may be higher or lower than the current market value of the property and has no bearing on what the property may be bought or sold for.

In providing this figure from chartered surveyor regard will have been taken of the current BCIS House Rebuilding Cost Guide and Index as prepared for the Association of British Insurers.

Anyone can check whether their home is adequately insured using the RICS/BCIS Calculator (http://calculator.bcis.co.uk/), although, this is a guide only.

A reinstatement cost valuation will normally be provided within a Market Valuation Report or a Homebuyer Report as part of the standard service. It can be added to a Building Survey Report if required for an agreed fee.

Homebuyer Report vs Building Survey
The RICS Homebuyer Report is probably the most common form of report and provides an economical survey for people that are purchasing a house, bungalow or flat that:

Is of a traditional type of construction; and
Is apparently in a reasonable condition
The Homebuyer Service includes:

An inspection of the inside and outside of the property, the services and the site
A report on the property’s condition, specific risks associated with the property, and particular points you should refer to your legal advisers.
Concentrates on identifying defects and problems that are urgent or significant and which have a material effect on the value of the property.
An opinion of the market value and reinstatement cost (which you will need for insurance purposes).

 

 

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