It’s been established that home replacement cost is the amount of money it would cost to rebuild your home from the ground up in the event of a total loss. Trying to image rebuilding your home from the ground up is the stuff of nightmares! How much would it cost? What factors affect home replacement cost? Take a deep breath. Replacement cost can be overwhelming, but Douglas Cost Guide Inc. is here to help.
What Are the Most Important Factors That Affect Home Replacement Cost?
Many factors affect your home’s replacement cost, such as:
Size and Square Footage
First and foremost, the size and square footage of your house is replacement cost’s number one determinant. It will cost a lot more to replace a 3,500 square foot house than it would to rebuild a 1,200 square foot home; therefore, your replacement cost is drastically impacted by your home’s size or total square footage.
Age of The Dwelling
Age is also a determining factor. The age of your home helps to identify the era and architectural elements of the dwelling. Older homes may have detailed trim work, plaster and lathe rather than drywall, thick hardwood baseboards, detailed mouldings, and solid hardwood doors. If your home is an older home with older elements you want to be preserved and replaced in the event of a loss, this will increase your home replacement cost.
Quality of Finishes
Another factor that can significantly impact your home replacement cost is the quality of the finishes. Granite, quartz or marble countertops are significantly pricier to replace than a Formica countertop. Hardwood, ceramic or marble floors cost more to replace than standard carpet, vinyl or laminate flooring. Hardwood vanities, cupboards or kitchen islands will be more expensive to replace than standard builder-grade materials; therefore, the quality of your home finishing’s affect your home’s replacement cost.
Other Factors That Affect Home Replacement Cost
The most significant factors that affect home replacement cost have been established, but there are other elements that can affect your home’s replacement cost. To determine your home’s rebuild cost, your insurance company factors in all the details of your house, from ceilings to floors and everything in between.
Elements you may not have even considered, such as ceiling height, are taken into consideration. Logically, rebuilding a home with 10-foot ceilings would require a full two feet of additional materials such as framing, insulation, and drywall, not to mention additional plumbing and electrical to get from one floor to the next in a two-story home.
Windows and Rooms
The number and size of each room are also considered; additional rooms require additional materials to frame and close-in walls, this affects your replacement cost. How many windows are in your home? This is a question you’ve probably never contemplated before but is something that’s considered when determining the replacement cost of your house. If you’ve ever replaced windows before you know it can be an expensive endeavour; your replacement cost will reflect this.
Fixtures and Lighting
How many light fixtures are in the house? Do you have pot lights? If so, how many? Don’t know? Start counting! You’ll want those lights replaced in the event of a loss and thus need to ensure they are reflected in the replacement cost.
Other factors to consider when evaluating your home replacement cost include:
- What is the electrical amperage in the house?
- What type of hot water tank do you have?
- What type of furnace do you have, and how old is it?
- What type of shingles?
- When were they last replaced?
- What is the exterior finish of your house: siding, brick, stone, stucco?
- How many bathrooms in the house, and how many pieces in each bathroom?
Yes, the breadth of detail that affects home replacement seems overwhelming but running through the details isn’t as scary as it seems. If you still feel uneasy visit our Douglas Residential Cost Guide. Our guide has been finely honed by industry professionals to make your job as a homeowner a lot less stressful. Let Douglas Residential Cost Guide worry about the details so you can concentrate on building memories in your fully protected home.