Calculating Your Rebuild Cost
As you already own the land that the property stands on, which has a value in itself, the rebuild cost is usually less than the sale price/market value.
This is not a hard-and-fast rule, and there may be occasions where the rebuild cost exceeds market value, such as if the property is a Listed Building, or is of a non-standard construction that may have unique features, or use building materials that are difficult to source.
Ways to calculate the rebuild cost
For a standard construction house that is not Listed, you can either:
- Use the FREE ABI Rebuild Calculator provided by BCIS
- Hire a chartered surveyor to carry out an assessment
- (If you have recently purchased a property, and required a mortgage) then your mortgage valuation or pre-purchase survey will include a rebuild cost in it
If your property is constructed of non-standard materials or is a Listed Building:
- Contact a chartered surveyor for advice
Useful Information
If you need to appoint a chartered surveyor, you can find one on the Royal Institution of Chartered Surveyors website.
To find out if a property is Listed, check with the relevant body for your country:
- Historic England (England)
- Historic Scotland (Scotland)
- Cadw (Wales)
- Northern Ireland Direct (Northern Ireland)
Helpful Hints
- It is worth conducting a review of your rebuild cost on an annual basis, in conjunction with your home insurance renewal
- Recalculate your rebuild cost if you carry out renovations, build an extension, or convert a loft or garage into living space
