Cost of rebuilding rises for Galway
The cost of rebuilding your home has risen by an average of 6.3% in Galway over the past 18 months – leading to fears of an increase in insurance premiums for householders. That’s according to a new report from the Society of Chartered Surveyors Ireland, which also shows that national average rose by 7.3% over that same period.
The Guide to House Rebuilding Costs, which is used by homeowners to calculate the rebuilding costs of their home for insurance purposes, also reveals that the increase in rebuild costs ranges from 5% in Dublin to 9% in the North West.
The average rebuild cost for Galway (based on a three-bed, semi-detached home of 95 square metres) is just over €172,000 – or €9,000 up over the last 18 months. That’s the third highest average in the country, just behind Cork on €175,000 – and well behind Dublin on €218,000.
That also means the cost of rebuilding a three-bed semi in Dublin is €2,290 per sq.m versus €1,811 per sq.m in Galway.
Tomás Kelly, Chair of the Quantity Surveyors Group in the SCSI, who is based in Galway, said the main reason for cost increases was compliance with new Nearly Zero Energy Building (NZEB) standards requirements and an increase in the cost of building materials.
“We fully support the introduction of NZEB standards and recognise the key role they will play in helping to reduce CO2 emissions and reducing energy costs over the long term,” he said.
“However, from a building perspective, they do come with an upfront cost. For example, if you’re rebuilding a house – or 25% or more of it – the ‘envelope’ or surface area of the home has to be bought up to a B2 BER rating,” he added.
Enda McGuane, who is Chair of the Western Region of the SCSI warned Galway homeowners they may well face pro rata increases on their home insurance premiums due to the rise in rebuild costs.
For more, read this week’s Connacht Tribune.
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