Survey reveals Galway rebuild costs on the up

The cost of rebuilding your home in Galway has risen ahead of the national average over the last twelve months, according to the country’s chartered surveyors.

Their latest Guide to House Rebuilding Costs shows that national average re-build costs have increased by an average of six per cent over that period – but in Galway the figure is eight per cent.

The Guide to House Rebuilding Costs, which is used by homeowners to calculate the rebuilding costs of their home for insurance purposes, is published annually by the Society of Chartered Surveyors Ireland.

And it has a relevance for all homeowners – because the SCSI has warned that they could lose out significantly on claims for partial loss if house not properly insured.

The rise in rebuilding costs attributed to rising wage costs, new regulations and demolition waste charges – and it is still heavily weighted towards the east coast.

Figures show the cost of rebuilding a three-bed semi-detached home in Dublin, for example, is €78,000 more expensive than rebuilding the same type of house in the North West.

The survey puts the average minimum rebuilding costs for a standard three-bed semi in Galway at just under €163,000, which is €2,000 behind Cork’s average with Dublin at €208,000.

These are the base rebuild costs only. Additional items such as kitchen, built in wardrobes, floor finishes, and a garage, if the property has one, also need to be factored in. The rebuild costs of such items will vary from house to house.

SCSI Vice President Micheál Mahon said the main reason the figures were rising was due to the increase in labour rates due to the shortage of construction workers – and the impact of new building regulations and the costs associated with disposing of demolition waste.

“The construction sector is experiencing high levels of activity and this increase is having an inflationary effect on construction prices,” he said.

For more, read this week’s Connacht Tribune.