METHODS OF MEASUREMENTS AND REBUILDING COSTS ESTIMATES KAMRA TAL-PERITI VALUATION STANDARDS 2012 29 MAY 2012 PERIT NICHOLAS SAMUT-TAGLIAFERRO

CODE OF MEASURING PRACTICE – APPENDIX A. REBUILDING COST ASSESSMENT – APPENDIX C.

CODE 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.

LOCAL 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.

MINIMUM 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

OTHER LOCAL MEASUREMENT STANDARDS LAND REGISTRY MEASUREMENTS MEASUREMENTS FOR STATISTICAL DATA MEASUREMENTS FOR ESTABLISHMENT OF GROUND RENT MEASUREMENTS FOR CALCULATION OF ENERGY PERFORMANCE CERTIFICATE

RICS 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.

OTHER DEFINITIONS Cubic Content (CC) Site Area (SA) Building Frontage (BF) Site Frontage (SF)

SPECIAL USE DEFINITIONS (Shops) Retail Area (RA) Storage Area (StoA) Gross frontage (GF) Net Frontage (NF) Shop Width (SW) Shop Depth (SD)

SPECIAL USE DEFINITIONS (Offices) Let able Area Exclusive Use : Prime use, restricted prime use, secondary use Communal Use

GEA BUILDING COST ESTIMATION RESIDENTIAL PROPERTY VALUATIONS APPLICATIONS GEA Normal practice to refer to Gross External Area for BUILDING COST ESTIMATION RESIDENTIAL PROPERTY VALUATIONS REBUILDING COST ASSESSMENT

GIA DEPARTMENT STORES COMMERCIAL BUILDINGS APPLICATIONS GIA Normal practice to refer to Gross Internal Area in valuations for DEPARTMENT STORES COMMERCIAL BUILDINGS WAREHOUSES & INDUSTRIAL BUILDINGS (consideration also given to cubic content)

NIA OFFICES SHOPS SUPERMARKETS RETAIL OUTLETS APPLICATIONS Normal practice to refer to Net Internal Area in valuations for OFFICES SHOPS SUPERMARKETS RETAIL OUTLETS

GUIDANCE NOTES TO THE REBUILDING COST ASSESSMENT FORM APPENDIX C GUIDANCE NOTES TO THE REBUILDING COST ASSESSMENT FORM

REBUILDING COST ESTIMATES NEW FOR OLD INDEXED NEW REPLACEMENT COST DEPRECIATED REPLACEMENT COST COST OF REBUILDING ONLY

BUILDING COST ASSESSMENT FORM INSURANCE COVER TYPE AREA = GEA BASIC UNIT COST

ADJUSTMENT TO BASIC UNIT COST Access Regional variations Site works and demolition Services Fixtures and fittings Special features and

Floor finishes Plant and machinery Fluctuations Re assessments

TOTAL REINSTATEMENT COST PROFESSIONAL FEES MEPA FEES VAT ON FEES AND BUILDING COSTS RECOMMENDED SUM AT TODAY’S DATE ANY ALLOWANCE FOR INFLATION

CONCLUSION APPENDIX A & APPENDIX C PROVIDE VALUERS WITH INTERNATIONALLY RECOGNISED BENCHMARKS FOR MAKING AND INTERPRETING VALUATIONS AND COST ESTIMATES.