The latest House Rebuilding Guide published by the Society of Chartered Surveyors Ireland (SCSI) shows that average re-build costs in Dublin, which include demolition and site clearance, have increased by an average of 12% over the past 12 months.
In euro terms this means that rebuild costs in Dublin have increased from €2,683 per sqm to €3,005 per sqm, well above the national average of €2,580.
This year’s SCSI House Rebuilding Guide, which is used by homeowners to calculate the rebuilding costs of their home for house insurance purposes, shows a consistent increase in rebuild costs across the country with the majority of regions recording an average increase of 12% to 13%. Last year the increases ranged from a low of 14% in Dublin to a high of 26% in the North-West.
However, the guide finds there can be a notable difference in the increase depending on house type even within the same region. For example in Dublin the increase ranges from 9% for a terraced townhouse to 13% for a semi-detached or detached house. Chartered Quantity Surveyor Kevin Brady said the continuing increase in rebuild costs is a direct result of the shortage of construction labour across the sector combined with high levels of demand for builders.
“Overall, the construction market is extremely busy, and this means it can be difficult to source labour or subcontractors for any type of build, particularly electrical, plumbing and heating. Material prices have started to stabilize for certain materials, however concrete products are still experiencing price increases as are insulation products, windows, and plumbing products and these are some of the key material cost drivers.
“Rebuilding a property is not the same as building new houses on a green field site. It requires specialist skills relating to demolition and supporting neighbouring properties. Rebuild projects can also present access challenges. As a result, it is almost a niche market and there can be difficulty sourcing contractors to take on rebuild projects. This will naturally be reflected in tender prices for such projects.”
Rebuild costs of a 3-bed semi 2023 /22 comparison guide
Fig 2 The average minimum rebuilding costs for a standard 3-bedroom 98sq.m semi-detached house around the country. These are the base rebuild costs only and include standard kitchen, built in wardrobes, floor finishes etc. Any higher spec fixtures and fittings need to be factored in.
While price increases may have moderated, Dublin, not surprisingly as Fig 1 one shows the capital still has the highest rebuild costs, while the North-West is among the lowest.*
According to these figures the minimum base cost of rebuilding a 3-bed semi, the most common house type in the country is €303,212 in Dublin (98sqm x €3,094) while the minimum base cost of rebuilding a similar house in the North-West, is €225,204 (98sqm x €2,298) – a difference of just over €78,000 (See Fig 2). The SCSI is urging homeowners to take the time to ascertain the correct reinstatement cost based on house type and location.
“Homeowners need to ensure their house is adequately insured so that in the event of a total or partial loss situation ie a fire, they are covered under their insurance policy when reinstating or rebuilding. For example, rebuild costs for a 3-bed-semi – see Fig 2- the most common house type in the country have increased from circa €24,000 in the North-West to €35,000 in Dublin over the past 12 months. While these increases are considerable it does not necessarily mean the premium will increase on a pro-rata basis and homeowners are advised to shop around when seeking insurance cover for their homes. It’s really important for homeowners to put aside ten minutes to use the SCSI Home Rebuild Calculator, which is free – to get an accurate reinstatement figure and ensure their home insurance is up to date. If it’s not they need to contact their home insurer” Mr Brady said.
The SCSI points out that the rebuild figures are based on estate type houses and people with one-off homes or period properties are advised to contact their local chartered surveyor. A list of chartered quantity surveyors who carry out these assessments is also available on the SCSI website.
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