# Forum Contacts & Links Estimating & Quoting  Replacement costs?

## Black Cat

I have just discovered this morning that the insurance on my house is sadly lacking. It is full replacement costs and the house in question has three bedrooms (4x4 metres), a loungeroom (4x5 metres), open fires in all four of these. Hall  extends from central front door to lounge. Two windows at the front, one on each side and windows along the rear wall (each six foot by 3 foot).  
At the rear is a skillion that contains a bathroom (2x4 metres), laundry and kitchen (4x5 metres). Overall floor area would be roughly 100msquare. Weatherboard, with an iron roof. The front is timber flooring, rear is slab-built. 
Any ideas on the cost of replacement? Building in central Tassie, rural location.

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## jago

BlackCat  
Sorry cant help on the valuation try a local real estate agent but dont forget to add $30-60k in the case of a complete rebuild; having to reconnect all services and clear the land for restumping, slabbing etc.

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## SilentButDeadly

Based on what Archicentre has said in the past, I'd be looking at about $2K to $2.5K per square metre and then add 15% for your Tasmanian AND rural location. 
This figure includes replacement of all site services and demolition costs....

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## Black Cat

Thanks both, that sounds about what I expected from the costs associated with constructing the rear extension, so am feeling pretty comfy with a figure of around $250K. At least it's a relatively level block, lol.

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## jago

Look at your certificate of currency the mortgage company made you take out, the difference on that  value and your purchase value is the  re-establish estimated cost.  
Ask your insurnace company how much they would allow, they should have tables for your postcode and a cost per m2 for your area. Assuming they aren't overseas (call centre) 
Archicentre are a bit vague as they use big city averages only....depending on level of finish etc up here I was  quoted $4000-$6000 m2, by builders while council allowed my DA through as a Complying  based on their 2006 figures of $1400 -$1800 m2. Go figure :2thumbsup:

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## Black Cat

What mortgage?  :Shiny:  
The extension - 9x4 metres, including fitout and septic installation etc, has cost around $90K if i factor in things like the architraves that i have not yet bought. Though, I'll grant you if the place burned to the ground I would want to get the project completed in somewhat less time than the present one so would probably engage a builder to take over coordination of trades ...

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## jago

> What mortgage? 
> .

  Very jealous  :2thumbsup:  
They way I have insured my house is the certificate of curreny gave me  roughly $45k for land clearance etc I made it $60k its a real sh#t of block for access. Plus I went to the best builder in towns display and worked out their M2 price because if it burnt down I would use him. Which for argument sake was $600,000 plus an allowance for price spikes of 10% so arrived $720k not what I bought if for or have spent on it but the cost if I wanted the same house rebuilt to the best spec. I could'nt sell it for that yet but thats what it would cost rebuild.

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## president_ltd

who i use for insurance (one of the big insurers) just has a policy of "full replacement" without specifying a $$ value, rather they just know the postcode, type of house, size of house and whatever we've told them (e.g. has ducted air con, 5KW solar panels etc).

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## Black Cat

Problem is that the postcode where i live covers about 10 villages with widely varying types of houses. Anything from stone georgian cottages to timber railway houses to mine (which is unique in the area and is pending heritage listing). So while that sounds like a good option, I suspect it works better in inner city areas where there is less diversity. 
Jago don't be jealous. I still have a mortgage, it is just not on this place. I was unable to sell my house when I returned home from the UK (bought at the top of the property bubble which had collapsed shortly before i left) and that is where my mortgage is. Fortunately I have tenants who are currently paying it for me. I will be enormously relieved when it is no longer hanging over my head. 
The way I figure it, whatever I insure it for when payout time comes the sods will find an excuse to avoid a payout. Still, I can only live in hope.

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## intertd6

Just go to the nrma insurance web site punch in the required info under quotes & you will get an instant rebuild cost.
regards inter

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## Black Cat

crikey! That comes up with a rather heartstoppingly high figure. Think I will send the report off to the broker and obtain their views ...

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