Building Reinstatement Cost
There are a number of reasons why it is important to have the reinstatement cost of a building regularly assessed.
Most commonly these can be:
- Simple record keeping and prudent accounting
- Portfolio management
- Insurance premium revision
- Post-works valuation
- Prerequisite to an insurance valuation
For specialist buildings valued using the Depreciated Replacement Cost method, the re-instatement cost of the building combined with the Open Market Value of the land can also provide the property owner with an estimate of future remaining value and worth.
It is advisable to have the reinstatement cost of a property assessed by on-site inspection every three years or when significant works have been carried out. Desktop assessments may be performed in the intervening years.
For a detailed definition of the Building Reinstatement Cost Assessment Service please contact Andrew Lightbody on 0141 226 6780