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

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

3. 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.

4. 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.

5. 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

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

7. 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.

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

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

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

11. 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

12. 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)

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

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

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

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

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

18. Floor finishes
Plant and machinery
Fluctuations
Re assessments

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

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