What changes to a property should prompt a new Rebuild Cost Assessment?
Properties change over time. You might add an extension, upgrade a kitchen or bathroom, alter the layout, or even change how the building is used.
But when do those changes mean it’s time for a new Rebuild Cost Assessment?
There are several key triggers to look out for, as well as occasions when a Desktop Refresh may be a more suitable option.
Have you made significant alterations?
One of the clearest reasons to review your rebuild cost is if significant alterations have been made to the property.
This could include:
Adding an extension
Converting a loft
Changing the roof
Altering the internal layout
Changes like these can affect how much it would cost to reinstate the property, which means your previous rebuild cost may no longer accurately reflect the building as it stands today.
What about refurbishments and upgrades?
It’s not only major structural alterations that can affect your rebuild cost.
Refurbishments and upgrades can change the specification of a property and, therefore, the cost of reinstating it.
This could include a new kitchen or bathroom, higher-specification finishes, upgraded heating systems or fixed air-conditioning.
If you’ve made significant improvements to your property, it’s worth considering whether your existing rebuild cost still reflects what is actually there.
Has the use or occupancy changed?
A change in how a building is used can also be an important reason to review its rebuild cost.
For example, converting an office into residential accommodation could significantly alter the property and its reinstatement requirements.
A new occupier may also make substantial alterations or install new fixed equipment. If those changes affect the building, the existing rebuild cost may need to be reviewed.
How often should you review your Rebuild Cost?
Even if there haven’t been significant changes to the property, it’s important to consider the age of your existing assessment.
As a general guide, at RebuildCostASSESSMENT.com, we recommend arranging a new assessment every three years.
Regular reviews can help ensure your rebuild cost continues to reflect the property and its reinstatement requirements.
Could a Desktop Refresh be more suitable?
A completely new assessment isn’t always necessary.
If you’re a broker and your client has an eligible RebuildCostASSESSMENT.com desktop report dated within the last three years, and there have been no changes to the property, our Desktop Refresh service may be a more suitable option.
It provides an updated rebuild cost report using current rebuild cost data, without the need to start again with a completely new assessment.
The key question to ask is: has the property changed significantly, or is the existing assessment getting older?
If it’s changed, it could be time for a new Rebuild Cost Assessment. If it hasn’t, a Desktop Refresh may be all that’s needed.
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