Calculating cost to rebuild a home

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  • atgcpaul
    Veteran Member
    • Aug 2003
    • 4055
    • Maryland
    • Grizzly 1023SLX

    Calculating cost to rebuild a home

    I'm looking for an on-line calculator that will help calculate the rebuilding costs
    of our house for insurance purposes. I'm just gathering quotes so I don't need
    an exact number but I want something realistic so I don't under/over estimate
    too much. When I search for "calculate rebuilding costs" or "calculate rebuilding
    costs insurance", I see a bunch of sites in the UK but not in the US.

    Thanks, Paul
  • jseklund
    Established Member
    • Aug 2006
    • 428

    #2
    Personally, I think the best thing for this is the RS Means Series of books. The 2007 "Building Construction Cost Data" book is availabel on Amazon:



    I have a couple of these books from 2006. They make multiple books with different types of of cost data- Building, reconstruction, remodelling, electrical, etc. I have to say...the book takes a little work getting used to, but after a couple of hours reading through it you start finding your way around, learning how to adjust for your geography, etc. I have found that the costs have been fairly accurate so far. They are not always EXACT, but close. If you are like I was and had no clue how much things should cost, and want a good guide...this will be incredibly handy.

    The one I had also had a CD with computer software that would help you do up quotes. I found that to be very handy.

    Maybe some others will have a better idea, but I hope this helps.
    F#$@ no good piece of S#$% piece of #$@#% #@$#% #$@#$ wood! Dang. - Me woodworking

    Comment

    • Rich P
      Established Member
      • Apr 2003
      • 390
      • Foresthill, CA, USA.
      • Powermatic 66 (1966 vintage)

      #3
      Another approach

      I just went through this assessment but did not do a "bottoms up" calculation. My neighbors are doing an addition so I talked with their general who recently completed a high end "spec" house in my area. Their "ball park" approach is a cost per square foot but that will vary some depending on the quality of the materials and workmanship. Since he had just completed a tear down/rebuild I felt his numbers were pretty good.

      My insurance agent also walked me through number of rooms, types of materials, etc and plugged that into his tool. I divided my square footage into his number to get something comparable. Between the two numbers I picked one I felt comfortable with and upped my insurance accordingly.

      I'm not sure how detailed your on-line calculators are but with the cost of materials in such flux of late I would think those numbers could get out of line very quickly. My view is I needed to be sure I was adequately insured, not to come up with a detailed construction budget to cover a catastrophic loss.

      Just IMHO.
      Don't ever ask a barber if you need a haircut.

      Comment

      • kzelenakas
        Forum Newbie
        • Feb 2006
        • 14

        #4
        I am an appraiser in Maryland and have to calculate replacement cost for residential structures frequently. We use Marshall and Swift - Swiftestimator online calculation tool. It costs about $8.00 per transaction to get a cost estimate. this will give you an accurate cost estimate based upon national builders data with a regional adjustment for differences in cost bast upon your location. It asks basic questions such as foundation type, exterior finish, total # of plumbing fixtures, floor coverings, etc.... It can be as detailed or basic as you want, for example you can select specific materials for floor coverings or take a standard floor covering allowance which would be basic floor coverings base dupon average construction. Once the first estimate is complete you can adjust your criteria for 48-72 hrs without being charged for an additional quote. The software is geared toward the appraisal and insurance professions but is a great resource. check it out at swiftestimator.com. It is also completely on line so you don't have to install anything on your computer.
        Last edited by kzelenakas; 11-12-2007, 10:49 AM.

        Comment

        • siliconbauhaus
          Senior Member
          • Dec 2006
          • 925
          • hagerstown, md

          #5
          The base building cost for a house is about $100 SF. This is for the minimum of finishes and fittings. I would say you'd be good to use $150 - $175 SF
          パトリック
          daiku woodworking
          ^deshi^
          neoshed

          Comment

          • alpha
            Established Member
            • Dec 2003
            • 352
            • Owensboro, KY, USA.

            #6
            I have also been reviewing my homeowners insurance. I have received several quotes and, in my case, the insurance company calculated the replacement cost based on their computer program. They plug in the info regarding your building type and the square footage of your house, and your zip code to arrive at a square foot replacement cost.

            I am not an insurance expert, but I was seeking "full replacement cost" insurance on my house. That would be based on the value as determined by the insurance company. I don't know if things have changed since I took an insurance class in college a long time ago. They explained to us if you had dwelling insurance for $100,000 and the insurance company determined your actual replacement cost was $200,000, you were only 50% insured--and if you had a claim the insurance would pay only 50% of the loss. At least that was the jist of the explanation.

            On the quotes given to me, one insurance company based my rebuilding cost at $90 a square foot, another at $103 a square foot. I actually got a better bottom line cost from the company that quoted the higher coverage. So a lot of other factors influence your bottom line insurance cost.

            Bob

            Comment

            • Slik Geek
              Senior Member
              • Dec 2006
              • 669
              • Lake County, Illinois
              • Ryobi BT-3000

              #7
              I've used:

              Produce credible single-family residence appraisal estimates -- in as little as five minutes. A smart resource for appraisers using the cost approach. Appraisal estimate reports consider all significant cost variables and both physical and functional depreciation.


              Can't vouch for its accuracy, but the results looked reasonable. It may not be as flexible as you need it to be.

              Comment

              • atgcpaul
                Veteran Member
                • Aug 2003
                • 4055
                • Maryland
                • Grizzly 1023SLX

                #8
                Originally posted by Slik Geek
                I've used:

                Produce credible single-family residence appraisal estimates -- in as little as five minutes. A smart resource for appraisers using the cost approach. Appraisal estimate reports consider all significant cost variables and both physical and functional depreciation.


                Can't vouch for its accuracy, but the results looked reasonable. It may not be as flexible as you need it to be.
                Thanks to all the other replies. I went for the low hanging fruit first and tried
                this site. The estimate was only off by $4000 from the current amount of
                insurance we have for the house. As long as my current insurer isn't also using
                this site, pretty decent confirmation.


                Thanks,
                Paul

                Comment

                • Slik Geek
                  Senior Member
                  • Dec 2006
                  • 669
                  • Lake County, Illinois
                  • Ryobi BT-3000

                  #9
                  Paul,

                  I had previously used the building-cost.net site for estimating the cost to build non-existing homes. Your post, and my latest homeowner's insurance renewal caused me to go through the exercise for replacing my existing home.

                  I came up with a reconstruction cost $4,000 higher than my insurance company estimated. The number had seemed a bit high to me, but I'm a bit more convinced now that perhaps it is reasonably accurate.

                  Comment

                  • ironhat
                    Veteran Member
                    • Aug 2004
                    • 2553
                    • Chambersburg, PA (South-central).
                    • Ridgid 3650 (can I still play here?)

                    #10
                    Jeff Schronce is in the insurance adjusting business to some extent - cars only I believe - but he might know how to get you hooked up with the right lteratue or organization.
                    Blessings,
                    Chiz

                    Comment

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