How much would re­build­ing our prop­er­ties in full ac­tu­ally cost?

The Wharf - - Property - Alex Neill of Which?

labour in­volved in re­build­ing – add up to the in­sur­ance value.

Most of these cost sim­i­lar amounts wher­ever you live – big builders’ mer­chants have the same cat­a­logue prices for all their out­lets.

The only sub­stan­tial cost dif­fer­ence is the work­force to re­store the prop­erty – labour tends to be more ex­pen­sive in Lon­don and the South East than in most other parts of the coun­try.

The gap be­tween the re­build value and the es­tate agency es­ti­mate is due to how de­sir­able the area is – that’s ac­cess to schools, hospi­tals, trans­port, coun­try­side, shops and all the other items you look for when de­cid­ing where to buy – and the value of land, which can’t be de­stroyed.

To use the ti­tle of that TV se­ries, it’s “Lo­ca­tion, Lo­ca­tion and Lo­ca­tion”.

Di­rect Line says: “The pub­lic has lit­tle to no idea of re­build costs, es­ti­mat­ing it would cost an av­er­age £226,750 to re­store a three­bed­room house – 38% more than re­al­ity.”

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