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Perth Building Replacement Cost Valuation

WA Valuers are leaders in the property valuation industry. We pride ourselves on being able to provide a broad range of valuation services including niche valuation purposes. Included in this is building replacement cost valuations in Perth, a service expertly provided by our dedicated team of valuers. It is required that building replacement cost valuations, which are also known as strata building insurance valuations, are performed by a certified and registered property valuer.

At WA Valuers, we require that all our valuers have over 20 years of experience within the Perth property market, and additionally they must be licensed with the Australian Property Institute (API).

What are strata building replacement cost assessments?

Strata building replacement cost assessments are used to determine the correct amount a building needs to be insured for. In accordance with the Strata Titles Act 1985, strata buildings in Western Australia are required to take out sufficient insurance coverage in case of a disaster.

This coverage doesn’t simply cover the value of the building, instead it must account for the cost of replacing the building in the potential situation where it has been destroyed or significantly damaged beyond repair. This includes factors such as:

  • The cost of demolishing the building
  • Expenses associated with the removal of debris
  • Any professional fees or charges
  • Taxes and other associated government fees throughout the reinstatement process
  • Cost of labour and materials used to rebuild

When are strata building replacement cost assessments required?

In line with government legislation, all strata buildings need to be covered by the correct amount of insurance. This means that a strata building replacement cost assessment is needed at the formation of a strata scheme, for new developments, and in cases of renovations or improvements to a strata building.

It is recommended to update building insurance coverage and obtain an updated strata building insurance assessment at least every three years to ensure it is still accurate. This will ensure accuracy according to the current market conditions, and that you are not over or under insured.

Building Replacement Cost Valuation Perth

Strata building replacement cost assessments are complex procedures, and the importance of their accuracy is paramount. To receive the most accurate and well-informed strata building replacement cost assessment, it is recommended to choose an independent and certified property valuer.

Calculating the replacement cost of a strata building requires specialised methodologies distinct from standard property valuations. That's why our team of Certified Practising Valuers (CPVs), all accredited by the Australian Property Institute (API) and many also holding AVI and RICS qualifications, is dedicated exclusively to this area. With each expert boasting over 20 years of industry experience, we deliver highly trained and specialised strata building replacement cost assessments that are accurate, comprehensive, and tailored to your unique requirements.

Some complimentary services we offer are:

By choosing WA Valuers, you will have the assurance you need to move forward without concerns, knowing you are receiving service which is at the highest industry standard.

If you require a strata building replacement cost estimate for building insurance purposes, please do not hesitate to contact our team on (08) 9468 3290 or fill out an online enquiry form. We look forward to being of service.