Rebuilding cost $10+m in excess of valuation….

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  • 15/10/2022 at 3:42 pm #65834 Reply | Quote
    Tony Montana
    Flatchatter

      Hi
      I recently checked with a Commercial Builder about the cost of rebuilding the Strata property of which I have one Lot in.
      As I understand, building costs have increased significantly.

      The Builder came back to me pretty quickly, estimating the cost is $10+ million more than we’re insured for.
      ie ~ 66% more than we’re currently insured for, excluding of course the cost for removal of debris.

      Are there any no-cost /rule of thumb ways to estimate the cost of rebuilding, in order to validate the Commercial Builder’s advice?
      The Builder has seen the building, and I told him how many Lots/Floors/Stacker Parks

      The intention is to validate the wide variance and encourage the Committee to fast track the next valuation, prior to renewal of the insurance policy (due soon!)
      I did read the suggestion in another post to arrange for a ‘one line opinion’ regarding an annual increase from the valuer, which sounded like a good idea.
      Any other comments?
      Thanks
      Tony

       

       

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    Reply To: Rebuilding cost $10+m in excess of valuation….
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