I am in Florida, but I'll take any advice anyone might have. We have three-story buildings at my complex. The buildings house either ten or 20 units, with no garages, but have decks. I need to put an accurate replacement cost on the buildings for insurance purposes. Does anyone happen to know an approximate cost new construction costs per square foot or per unit? thank you for any help you can provide.
Investor · Rochester, NY · Member since 2016 · 576 posts · 358 votes
2y
RSMeans construction cost data is about the best there is. They have a variety of options for one year of service. Probably a couple grand a year for their subscription. In a sense there is really no such thing as "accurate replacement cost" without having an architect draw up a set of plans, hand out the plans to three area builders, get price quotes. What there is is estimates. For insurance purposes the estimates will be rough. Like, in general this type of building costs $XXX per sq. foot to build. Multiply your building area by $XXX. Get your estimate. Probably your insurance company will insist on using their number. If they are asking you for the number then approach a construction company or two and ask about per square foot estimates for that type of building.
RSMeans construction cost data is about the best there is. They have a variety of options for one year of service. Probably a couple grand a year for their subscription. In a sense there is really no such thing as "accurate replacement cost" without having an architect draw up a set of plans, hand out the plans to three area builders, get price quotes. What there is is estimates. For insurance purposes the estimates will be rough. Like, in general this type of building costs $XXX per sq. foot to build. Multiply your building area by $XXX. Get your estimate. Probably your insurance company will insist on using their number. If they are asking you for the number then approach a construction company or two and ask about per square foot estimates for that type of building.
Thank for your time Carini, it is appreciated. I have looked at RS Means, and Core Logic, but I was hoping someone has actually built a single building in the last year and could give me a little guidance. I have found cost services are not as close as reality.