Presentation on theme: "METHODS OF MEASUREMENTS AND REBUILDING COSTS ESTIMATES"— Presentation transcript:
1METHODS OF MEASUREMENTS AND REBUILDING COSTS ESTIMATES KAMRA TAL-PERITIVALUATION STANDARDS 201229 MAY 2012PERIT NICHOLAS SAMUT-TAGLIAFERRO
2CODE OF MEASURING PRACTICE – APPENDIX A. REBUILDING COST ASSESSMENT – APPENDIX C.
3CODE OF MEASURING PRACTICE The aim is to provide guidelines with clear definitions which will permit accurate and consistent measurements of land and buildings for the purpose of valuations and building cost estimation.
4LOCAL DEFINITIONS FOR MEASUREMENTS MEPA GROSS FLOOR AREA (Definitions) of a residential unit is the total area of the whole unit including all rooms and internal spaces; this includes wall thicknesses (owned party wall to be included) but excluding yards, backyards and shafts. FLOOR SPACE (PDG 2007Cl 3.5) measuring internal floor area less circulation space.
5MINIMUM DWELLING SIZE (PDG 2007Cl 3 MINIMUM DWELLING SIZE (PDG 2007Cl 3.7) gross floor area including owned floor wall thicknesses. BUILDING FOOTPRINT (PDG 2007Cl 3.1) footprint should be calculated by measuring the space contained within the external walls at ground floor level, including internal yards or courtyards but excluding terraces and pool decks
6OTHER LOCAL MEASUREMENT STANDARDS LAND REGISTRY MEASUREMENTS MEASUREMENTS FOR STATISTICAL DATA MEASUREMENTS FOR ESTABLISHMENT OF GROUND RENT MEASUREMENTS FOR CALCULATION OF ENERGY PERFORMANCE CERTIFICATE
7RICS CODE OF MEASURING PRACTICE (6th Edition) Three core definitions:Gross External Area G.E.A.Gross Internal Area G.I.A.Net Internal Area N.I.A.
8OTHER DEFINITIONSCubic Content (CC) Site Area (SA) Building Frontage (BF) Site Frontage (SF)
9SPECIAL USE DEFINITIONS (Shops) Retail Area (RA) Storage Area (StoA) Gross frontage (GF) Net Frontage (NF) Shop Width (SW) Shop Depth (SD)
10SPECIAL USE DEFINITIONS (Offices) Let able Area Exclusive Use : Prime use, restricted prime use, secondary use Communal Use
11GEA BUILDING COST ESTIMATION RESIDENTIAL PROPERTY VALUATIONS APPLICATIONSGEANormal practice to refer to Gross External Area forBUILDING COST ESTIMATIONRESIDENTIAL PROPERTY VALUATIONSREBUILDING COST ASSESSMENT
12GIA DEPARTMENT STORES COMMERCIAL BUILDINGS APPLICATIONSGIANormal practice to refer to Gross Internal Area in valuations forDEPARTMENT STORESCOMMERCIAL BUILDINGSWAREHOUSES & INDUSTRIAL BUILDINGS (consideration also given to cubic content)
13NIA OFFICES SHOPS SUPERMARKETS RETAIL OUTLETS APPLICATIONS Normal practice to refer to Net Internal Area in valuations forOFFICESSHOPSSUPERMARKETSRETAIL OUTLETS
14GUIDANCE NOTES TO THE REBUILDING COST ASSESSMENT FORM APPENDIX CGUIDANCE NOTES TO THE REBUILDING COST ASSESSMENT FORM
15REBUILDING COST ESTIMATES NEW FOR OLD INDEXED NEW REPLACEMENT COST DEPRECIATED REPLACEMENT COST COST OF REBUILDING ONLY
16BUILDING COST ASSESSMENT FORM INSURANCE COVER TYPEAREA = GEABASIC UNIT COST
17ADJUSTMENT TO BASIC UNIT COST AccessRegional variationsSite works and demolitionServicesFixtures and fittingsSpecial featuresand
18Floor finishesPlant and machineryFluctuationsRe assessments
19TOTAL REINSTATEMENT COST PROFESSIONAL FEES MEPA FEES VAT ON FEES AND BUILDING COSTS RECOMMENDED SUM AT TODAY’S DATE ANY ALLOWANCE FOR INFLATION
20CONCLUSIONAPPENDIX A & APPENDIX C PROVIDE VALUERS WITH INTERNATIONALLY RECOGNISED BENCHMARKS FOR MAKING AND INTERPRETING VALUATIONS AND COST ESTIMATES.