Everyone wants to change with the changing surroundings, to cope up with this fast-moving and the ever-changing world one has to undergo various diverse changes may it change in behavior, change in lifestyle, change in the home in which he lives. Change in the home in which he lives simply means the design or the structure as the Italian style homes are very much in demand nowadays, as they give a spacious look to the house also look attractive. So, in order to change the look and get updated with the newest home design one needs to demolish a complete house and start with remodeling an old home.
Cost for rebuilding:
As we are demolishing the whole house it will require some monetary arrangements similarly for rebuilding the home we need to invest some money this is what is known as a cost for rebuilding i.e. the amount that is required to rebuild your house as per your changing needs right from the beginning.
It is important to know all about the cost for rebuilding as it helps you to gain a right amount of building insurance as when you are aware of how much it will cost you to rebuild your home you can insure your house accordingly without underinsuring or over-insuring. It is good if you hire a person who is a professional surveyor so that he visits your site and give you a proper estimate of the cost of rebuilding your home.
Factors on which the rebuild cost depends:
Mostly the rebuild cost is not dependent on market value. However, it depends upon how old your home is/ age of the home. If the home has many expensive things and is very old and has old things that are now not easy to be produced such as some sort of plaster or electrical or plumbing stuff then it may increase the value than the current value in the market.
How to calculate the cost?
- On your own: When you are going to calculate the rebuild cost on your own, what you need to do is ask the builders around your area regarding the cost of building for a square foot area.
Let us suppose the cost of one square foot is around 7000 INR and you have an area of 3,000 square feet, then the total cost for the same will be around 2,10,00,000 INR.
Other things that are there are the flooring cost, cost of cabinets if you want to go for a modular kitchen, false ceiling etc.
- Using an online calculator: There are several online calculator applications that will give you the monetary value of rebuilding your home without much hassle. What you need to do is just enter your address and the area of your house and it will give you the accurate output.
- Professional: The best reliable and accurate method is to hire the surveyor or the appraiser to know the actual value as he will consider all the things that you wish to add-on in your home that you might miss to calculate and hence you will get the accurate picture.