What is a Reinstatement Cost Assessment?

A reinstatement cost assessment is an evaluation conducted to estimate the cost of rebuilding or reinstating a property in the event of damage or destruction.

A reinstatement cost assessment helps property owners or insurance companies determine the appropriate level of insurance coverage needed to rebuild a property in case of a total loss. It takes into account factors such as the size, type, and construction materials of the building, as well as the current construction costs in the specific location.

At Navah Consulting reinstatement costs assessments are completed using up to date BCIS (Building Cost Information Cost) data. BCIS is a division of the Royal Institution of Chartered Surveyors (RICS) that provides construction cost data.

The assessment is typically carried out by a surveyor who visits the property and evaluates its various elements, including the structure, finishes, fixtures, and any unique features. The surveyor then calculates the estimated cost of rebuilding the property to its original condition, considering factors like labor, materials, professional fees, and other associated costs.

Reinstatement cost assessments are crucial to ensure that property owners have adequate insurance coverage, as underinsurance can lead to significant financial losses in the event of a claim.

Note, it is important to regularly update the assessment to account for changes in construction costs, building regulations, or any modifications made to the property that may affect its reinstatement value.

Be sure to get in contact to discuss your requirements.

What is an RICS valuation and do I need one?

An RICS (Royal Institution of Chartered Surveyors) valuation refers to a property valuation conducted by a qualified surveyor who is a member of the RICS. To undertake valuations the surveyor must obtain Registered Valuer status. An RICS valuation are noted to be 'Red Book' compliant.

An RICS valuation plays a crucial role in various aspects of the property industry, as follows:

• Objectivity and impartiality: An RICS valuation ensures an unbiased assessment of a property's market value.

• Trust and credibility: The RICS is a globally recognized professional body that sets and enforces standards for property professionals. When an RICS member conducts a valuation, it adds a layer of credibility and trust to the process. The independent nature of the valuation enhances confidence in the accuracy and reliability of the property's assessed value.

• Risk mitigation: An RICS valuation helps mitigate risks associated with property transactions. By obtaining a professional valuation, parties involved, such as buyers, sellers, lenders and investors, can make informed decisions based on an unbiased assessment of the property's value. This reduces the chances of overpaying, underpricing, or encountering disputes related to the property's value.

• Compliance and regulation: Many clients and stakeholders require independent RICS valuations for various purposes, such as mortgage financing, taxation, legal proceedings, financial reporting or investment analysis. Compliance with these regulatory requirements ensures transparency, fairness, and adherence to professional standards in the property sector.

• Negotiation: An RICS valuation report provides a solid foundation for negotiations. Buyers and sellers can refer to a valuation to support their respective positions.

• Dispute resolution: In cases of dispute or disagreements related to property values, an RICS valuation holds significant weight in proceedings. The impartial assessment by a qualified professional can provide an unbiased opinion, helping to resolve conflicts more effectively and efficiently.

Navah Consulting offers residential RICS valuations either as a standalone service or as an addition to RICS Level 2 HomeBuyer Reports or RICS Level 3 Building Surveys.

Be sure to get in contact to discuss your requirements.

Busy times past and present for Navah Consulting!

We’ve been busy with a number of surveys and valuations across Hertfordshire, Essex, Cambridgeshire and London over the past weeks.

Locations include - Bishop’s Stortford, Cambridge, Saffron Walden, Harlow, Witham, Much Hadham, Hatfield Broad Oak, Impington and Potters Bar.

Some photos from our favorites as follows.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and parts of Suffolk.

Be sure to get in touch should you require any similar services!

Celebrating five years of Navah Consulting!

Navah Consulting turns five years old today!

Thank you to everyone!

More surveys for Navah Consulting!

A new year brings more surveys for Navah Consulting. Locations include, Barnet, Berden, Bishop’s Stortford, Sawtry, Stansted and Stebbing. A selection of our favourites are as pictured!

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Buntingford, Duxford, Epping, Fen Drayton, Godmanchester, Hitchin, Newport, North Weald and Takeley. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Biggleswade, Bishop’s Stortford, Cambridge, Cherry Hinton, Ely, Melbourn, Much Hadham, Risby, Sawbridgeworth and Trumpington. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Barnston, Bishop’s Stortford, Cottenham, Eynesbury, Harlow, Saffron Walden, South Ockendon, Trumpington and Waltham Abbey. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

As summer approaches we’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Bumpstead, Cherry Hinton, Great Cambourne, Great Chesterford, Halstead, Harlow. Hitchin, Stevenage and Wardy Hill. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

As the days get longer we’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Bury St Edmunds, Elsenham, RAF Lakenheath, Little Canfield, Littleport, Much Hadham, Stansted, Widdington and Wilburton. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

A continued busy start to the year for Navah Consulting with a range of surveys competed.

We’ve continued to be busy with a number of surveys, a selection located in: Bishop’s Stortford, Emerson Park, Hatfield Heath, Linton, Little Hallingbury, Longstanton, Romford, St Neots and Thaxted.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Bishop's Stortford, Cambridge, Chelmsford, Cherry Hinton, Hornchurch, Little Thetford, Saffron Walden and Sawbridgeworth.

A busy start to the year so far with a mixture of surveys in Bishop's Stortford, Cambridge, Chelmsford, Cherry Hinton, Hornchurch, Little Thetford, Saffron Walden and Sawbridgeworth.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Bishop's Stortford, Braughin, Caxton, Godmanchester, Howe Green, Little Bardfield, Little Walden, Much Hadham and Stevenage.

As the days get shorter (and colder) we’ve been happy to be instructed on a number of surveys (including some fairly large ones). Locations include Bishop's Stortford, Braughin, Caxton, Godmanchester, Howe Green, Little Bardfield, Little Walden, Much Hadham and Stevenage.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Bishops's Stortford, Buckden, Graham, Harlow, Saffron Walden and Ugley Green.

As the stamp duty deadline drew to a close we were happy to be instructed on a number of surveys. Locations include: Bishops's Stortford, Buckden, Graham, Harlow, Saffron Walden and Ugley Green.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Barrington, Bishop's Stortford, Bury St Edmunds, Cambridge, Coton, Ely, Epping, Little Canfield, Little Hadham, Newport, Stansted and Thetford.

A selection of our recent surveys, locations include: Bishop's Stortford, Bury St Edmunds, Cambridge, Coton, Ely, Epping, Little Canfield, Little Hadham, Newport, Stansted and Thetford.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Braintree, Buntingford, Cambridge, Dunmow, Great Chesterford, Hardwick, Hatfield Heath, Newmarket, Walkern and Witham.

A selection of our recent surveys, locations include: Braintree, Buntingford, Cambridge, Dunmow, Great Chesterford, Hardwick, Hatfield Heath, Newmarket, Walkern and Witham.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

Completed - Surveys in: Bishop's Stortford (x3), Danbury, Haddenham, High Which, Littleport, Saffron Walden, Sawbridgeworth, Stansted, Waterbeach and Witham.

More surveys for Navah Consulting, locations include: Bishop's Stortford (x3), Danbury, Haddenham, High Which, Littleport, Saffron Walden, Sawbridgeworth, Stansted, Waterbeach and Witham.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!