Spotlight - February 2024

Each month in 2024 we'll be taking a deeper look at a recent instruction of particular interest.

February 2024

Navah Consulting was instructed to provide an RICS Home Survey Level 2 (formally known as a HomeBuyer Report) to a property that had previously been privately let for a number of years.

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What is a Reinstatement Cost Assessment?

A reinstatement cost assessment is an evaluation conducted to estimate the cost of rebuilding or reinstating a property in the event of damage or destruction.

A reinstatement cost assessment helps property owners or insurance companies determine the appropriate level of insurance coverage needed to rebuild a property in case of a total loss. It takes into account factors such as the size, type, and construction materials of the building, as well as the current construction costs in the specific location.

At Navah Consulting reinstatement costs assessments are completed using up to date BCIS (Building Cost Information Cost) data. BCIS is a division of the Royal Institution of Chartered Surveyors (RICS) that provides construction cost data.

The assessment is typically carried out by a surveyor who visits the property and evaluates its various elements, including the structure, finishes, fixtures, and any unique features. The surveyor then calculates the estimated cost of rebuilding the property to its original condition, considering factors like labor, materials, professional fees, and other associated costs.

Reinstatement cost assessments are crucial to ensure that property owners have adequate insurance coverage, as underinsurance can lead to significant financial losses in the event of a claim.

Note, it is important to regularly update the assessment to account for changes in construction costs, building regulations, or any modifications made to the property that may affect its reinstatement value.

Be sure to get in contact to discuss your requirements.

What is an RICS valuation and do I need one?

An RICS (Royal Institution of Chartered Surveyors) valuation refers to a property valuation conducted by a qualified surveyor who is a member of the RICS. To undertake valuations the surveyor must obtain Registered Valuer status. An RICS valuation are noted to be 'Red Book' compliant.

An RICS valuation plays a crucial role in various aspects of the property industry, as follows:

  • Objectivity and impartiality: An RICS valuation ensures an unbiased assessment of a property's market value.

  • Trust and credibility: The RICS is a globally recognized professional body that sets and enforces standards for property professionals. When an RICS member conducts a valuation, it adds a layer of credibility and trust to the process. The independent nature of the valuation enhances confidence in the accuracy and reliability of the property's assessed value.

  • Risk mitigation: An RICS valuation helps mitigate risks associated with property transactions. By obtaining a professional valuation, parties involved, such as buyers, sellers, lenders and investors, can make informed decisions based on an unbiased assessment of the property's value. This reduces the chances of overpaying, underpricing, or encountering disputes related to the property's value.

  • Compliance and regulation: Many clients and stakeholders require independent RICS valuations for various purposes, such as mortgage financing, taxation, legal proceedings, financial reporting or investment analysis. Compliance with these regulatory requirements ensures transparency, fairness, and adherence to professional standards in the property sector.

  • Negotiation: An RICS valuation report provides a solid foundation for negotiations. Buyers and sellers can refer to a valuation to support their respective positions.

  • Dispute resolution: In cases of dispute or disagreements related to property values, an RICS valuation holds significant weight in proceedings. The impartial assessment by a qualified professional can provide an unbiased opinion, helping to resolve conflicts more effectively and efficiently.

Navah Consulting offers residential RICS valuations either as a standalone service or as an addition to RICS Level 2 HomeBuyer Reports or RICS Level 3 Building Surveys.

Be sure to get in contact to discuss your requirements.

Busy times past and present for Navah Consulting!

We’ve been busy with a number of surveys and valuations across Hertfordshire, Essex, Cambridgeshire and London over the past weeks.

Locations include - Bishop’s Stortford, Cambridge, Saffron Walden, Harlow, Witham, Much Hadham, Hatfield Broad Oak, Impington and Potters Bar.

Some photos from our favorites as follows.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and parts of Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Buntingford, Duxford, Epping, Fen Drayton, Godmanchester, Hitchin, Newport, North Weald and Takeley. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Biggleswade, Bishop’s Stortford, Cambridge, Cherry Hinton, Ely, Melbourn, Much Hadham, Risby, Sawbridgeworth and Trumpington. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

We’ve been happy to be busy with a number of surveys in various locations including Barnston, Bishop’s Stortford, Cottenham, Eynesbury, Harlow, Saffron Walden, South Ockendon, Trumpington and Waltham Abbey. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

As summer approaches we’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Bumpstead, Cherry Hinton, Great Cambourne, Great Chesterford, Halstead, Harlow. Hitchin, Stevenage and Wardy Hill. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

More surveys for Navah Consulting!

As the days get longer we’ve been happy to be busy with a number of surveys in various locations including Bishop’s Stortford, Bury St Edmunds, Elsenham, RAF Lakenheath, Little Canfield, Littleport, Much Hadham, Stansted, Widdington and Wilburton. Photos of some of our favourites are as below.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!

A continued busy start to the year for Navah Consulting with a range of surveys competed.

We’ve continued to be busy with a number of surveys, a selection located in: Bishop’s Stortford, Emerson Park, Hatfield Heath, Linton, Little Hallingbury, Longstanton, Romford, St Neots and Thaxted.

Navah Consulting offers a full range of residential surveys across London, Essex, Hertfordshire, Cambridgeshire and Suffolk.

Be sure to get in touch should you require any similar services!