METHODS OF MEASUREMENTS AND REBUILDING COSTS ESTIMATES

1. METHODS OF MEASUREMENTSANDREBUILDING COSTS ESTIMATES KAMRA TAL-PERITI VALUATION STANDARDS 2012 29 MAY 2012 PERIT NICHOLAS SAMUT-TAGLIAFERRO

2. CODE OF MEASURING PRACTICE – APPENDIX A. • REBUILDING COST ASSESSMENT – APPENDIX C.

3. CODE OF MEASURING PRACTICE • The aim is to provide guidelines with clear definitions which will permit accurate and consistent measurements of land and buildings for the purpose of valuations and building cost estimation.

4. LOCAL DEFINITIONS FOR MEASUREMENTSMEPA • GROSS FLOOR AREA (Definitions) of a residential unit is the total area of the whole unit including all rooms and internal spaces; this includes wall thicknesses (owned party wall to be included) but excluding yards, backyards and shafts. • FLOOR SPACE (PDG 2007Cl 3.5) measuring internal floor area less circulation space.

5. MINIMUM DWELLING SIZE (PDG 2007Cl 3.7) gross floor area including owned floor wall thicknesses. • BUILDING FOOTPRINT (PDG 2007Cl 3.1) footprint should be calculated by measuring the space contained within the external walls at ground floor level, including internal yards or courtyards but excluding terraces and pool decks

6. OTHER LOCAL MEASUREMENT STANDARDS • LAND REGISTRY MEASUREMENTS • MEASUREMENTS FOR STATISTICAL DATA • MEASUREMENTS FOR ESTABLISHMENT OF GROUND RENT • MEASUREMENTS FOR CALCULATION OF ENERGY PERFORMANCE CERTIFICATE

7. RICS CODE OF MEASURING PRACTICE (6th Edition) • Three core definitions: • Gross External Area G.E.A. • Gross Internal Area G.I.A. • Net Internal Area N.I.A.

8. OTHER DEFINITIONS • Cubic Content (CC) • Site Area (SA) • Building Frontage (BF) • Site Frontage (SF)

9. SPECIAL USE DEFINITIONS (Shops) • Retail Area (RA) • Storage Area (StoA) • Gross frontage (GF) • Net Frontage (NF) • Shop Width (SW) • Shop Depth (SD)

10. SPECIAL USE DEFINITIONS (Offices) • Let able Area • Exclusive Use : Prime use, restricted prime use, secondary use • Communal Use

11. APPLICATIONS • GEA Normal practice to refer to Gross External Area for • BUILDING COST ESTIMATION • RESIDENTIAL PROPERTY VALUATIONS • REBUILDING COST ASSESSMENT

12. APPLICATIONS • GIA Normal practice to refer to Gross Internal Area in valuations for • DEPARTMENT STORES • COMMERCIAL BUILDINGS • WAREHOUSES & INDUSTRIAL BUILDINGS (consideration also given to cubic content)

13. APPLICATIONS • NIA Normal practice to refer to Net Internal Area in valuations for • OFFICES • SHOPS • SUPERMARKETS • RETAIL OUTLETS

14. APPENDIX C • GUIDANCE NOTES TO • THE REBUILDING COST • ASSESSMENT FORM

15. REBUILDING COST ESTIMATES • NEW FOR OLD • INDEXED NEW REPLACEMENT COST • DEPRECIATED REPLACEMENT COST • COST OF REBUILDING ONLY

16. BUILDING COST ASSESSMENT FORM • INSURANCE COVER TYPE • AREA = GEA • BASIC UNIT COST

17. ADJUSTMENT TO BASIC UNIT COST • Access • Regional variations • Site works and demolition • Services • Fixtures and fittings • Special features • and

18. Floor finishes • Plant and machinery • Fluctuations • Re assessments

19. TOTAL REINSTATEMENT COST • PROFESSIONAL FEES • MEPA FEES • VAT ON FEES AND BUILDING COSTS • RECOMMENDED SUM AT TODAY’S DATE • ANY ALLOWANCE FOR INFLATION

20. CONCLUSION • APPENDIX A & APPENDIX C PROVIDE VALUERS WITH INTERNATIONALLY RECOGNISED BENCHMARKS FOR MAKING AND INTERPRETING VALUATIONS AND COST ESTIMATES.