Average increase varies from 3% in Dublin to 6% in Galway and Waterford
New building regulations adding to costs of rebuilding
Wednesday 8th July 2015. The latest Guide to House Rebuilding Costs published by the Society of Chartered Surveyors Ireland (SCSI) shows that national average rebuild costs have increased by an average of 4% in 2015.
The Guide to House Rebuilding Costs, which is used by homeowners to calculate the rebuilding cost of their home for insurance purposes, is published annually by the SCSI.
This year’s Guide shows the increase in costs varied significantly depending on location. In Dublin, the average rebuilding costs on a standard home increased by 3%, while the average minimum rebuilding costs for a standard house in Cork and Limerick increased by 5%. In Galway and Waterford, the increase was 6% while in the North East and North West it was 1%.
The SCSI said that the increase in rebuilding costs means homeowners could be facing pro-rata increases in house insurance premiums.
The average minimum rebuilding costs for a standard 3-bedroom semi-detached house around the country are as follows:
€174 per sqft
€136 per sq ft
€137 per sqft
€132 per sqft
€135 per sqft
€115 per sqft
€143 per sqft
The SCSI said that the increase in rebuilding costs generally reflected increases in construction costs nationally.
Andrew Nugent, President of the Society of Chartered Surveyors Ireland (SCSI) said “The increase in rebuild costs is mainly due to increases in construction material prices and also due to the new building regulations which were introduced last year. The data shows also that rebuilding costs increased regionally in 2015, catching up with Dublin where the bulk of the increases took place last year”.
“The key for homeowners is to check that their house rebuilding costs – the reinstatement costs involved in rebuilding a house in the event of a catastrophe such as a fire which are required on all home insurance premiums, are adequate and fully in line with current figures. Homeowners need to check the ‘sum insured’ on home insurance premiums to ensure they are fully covered and not over or underpaying”.
Michéal Mahon, Chair of the SCSI Quantity Surveying Professional Group, advised homeowners to download the 2015 House Rebuilding Cost Guide from the SCSI website or to use the online House rebuilding cost calculator available for free on www.scsi.ie. He said they could also download the app from the app stores or contact a local Chartered Quantity Surveyor listed on the SCSI website if they had any queries.
To download the House Rebuilding Cost Guide 2015, please click here.