JUST WHEN we thought property was becoming more affordable, it turns out the cost of rebuilding a home has increased by 1.5 per cent. Expect knock-on implications for all homeowners – household insurance is calculated on the basis of home rebuild costs.
The house rebuild guide, published by the Society of Chartered Surveyors Ireland, also shows big price variations. For example, the rebuild cost of a Dublin three-bedroom semi increased by 0.52 per cent, while, for the same type of house in Waterford, the increase was almost 2 per cent. The cost rise is apparently down to a tightening of building regulations.
But, even taking this year's rise into account, overall rebuilding costs are down 24 per cent from 2008. Homeowners should ensure they are paying the correct home insurance, and the SCSI has developed a handy calculator to allow individuals to check rebuild costs online at iti.ms/MHj6pr
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