Chartered Quantity Surveyors Patricia Power and Kevin Brady launch the 2012 SCSI House Rebuild Guide, Online calculator and iPhone and Android Apps.
The latest house rebuild guide, published by the Society of Chartered Surveyors Ireland today, shows that national average rebuild costs have increased marginally for 2012.
Overall, average rebuild prices have increased by 1.5% but the prices vary somewhat depending on location and house type. In Dublin rebuild prices for a 3-bedroom semi detached only increased by 0.52% while in Waterford the increase was almost 2%.
Andrew Nugent, Chairman of the Quantity Surveying Professional Group of the SCSI said the marginal increase were due to changes in Part L of the building regulations such as improved insulation requirements to walls and floors, air tightness (which are regulations that must be complied with in the construction of buildings) and also increases across the board in materials, VAT on professional fees and other input costs into the construction process including oil.
The increase follows several years of price falls which meant homeowners could look forward to pro-rata reduction in house premiums. Now owners could be facing modest increases.
“The falls in recent years generally spelt good news for homeowners in that they could expect a pro-rata reduction in their house insurance premiums. However it now appears we have come to the end of that trend and some owners may face very modest increases, if any”, Nugent said.
Nugent said the most important thing for homeowners is to make sure they are not overpaying or underinsuring their homes and with this in mind the SCSI had developed a new free iPhone/Android App and online Calculator.
“In order to help homeowners check their rebuild costs are reflected in their insurance premiums we are launching a new free iPhone/Android App and Online House Rebuilding Cost Calculator. We are delighted to launch these new features and we believe they will be of great assistance to owners in helping them to calculate their rebuild costs in a speedy and straightforward way. We will of course continue to publish as normal our House Rebuilding Cost Guide 2012 and this will be available to the public in soft or hard copy” Nugent said.
Home and property owners can access the Online House Rebuilding Cost Calculator by going to http://www.scsi.ie/" href="//www.scsi.ie/'));">http://www.scsi.ie or by going to the Apple App store or Android store and downloading the free calculator onto their mobile phones.
The marginal increase in rebuilding costs means that the cost of rebuilding a typical 3-bedroom semi-detached 95 sq m house in Dublin has increased by €9 per sq metre or from €167,105 last year to €167,960, this year, an increase of approximately 0.52%. In Galway, a typical 3-bedroom semi-detached house has increased by €22 per sq metre or from €125,115 last year to €127,205, this year an increase of approximately 1.67%.
SCSI has also introduced rebuild costs for two new regions, the North West and the North East. The North West centres on the Donegal, Sligo areas, while the North East centres on Drogheda and Navan areas. The minimum rebuilding base costs for a typical 4-bedroom detached house in the North West region is €141,718 and €173,342 in the North East.
However, once again Dublin has the most expensive rebuild base costs across all house types. A 4-bedroom detached House in Dublin has increased by €11 per sq m to €209,804 with a 2-bedroom terraced house increasing by 0.5% to €128,030. Marginally higher increases are being reported in regions outside of Dublin of between 1.5% and 1.9%.
On average SCSI are reporting an average national increase of 1.48%. The SCSI results show that for the most common house type, a 3-bedroom semi detached, there were increases in rebuild costs in the order of:
- Dublin – 0.52% increase
- Cork – 1.72% increase
- Galway – 1.67% increase
- Waterford – 1.91% increase
- Limerick – 1.75% increase
Download the 2012 SCSI House Rebuild Guide (PDF)
Visit the Apple App Store or the Android Store on your mobile phone and search for SCSI Rebuild Guide