Home Values - to request a reconstruction cost estimator Click Here
Market Value - Method 1
An appraisal is a professional estimate of a property's market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home.
Market Value - Method 2
A comparative market analysis is an informal estimate of market value performed by a real estate agent based on similar sales and property attributes.
Assessed Value
According to North Carolina law, your property is assessed at “fair market value”. Market value is the most probable price a property would bring in a competitive and open market. Property values for revaluation are determined by comparing sales prices for similar properties, what it would cost to replace your property, the potential income for your property and many other factors.
Construction Cost
The construction cost of a home the actual cost to build the home new from open land to a completed home. In most cases it includes the cost to clear the land, install a foundation, build the home and finish most of the landscaping. Factors that could reduce the building cost include: the number of home being built in the area by the builder, discounts the builder is getting for buying in bulk, discount sub-contractors are giving by completing several homes in the area. Factors that may increase the building cost include: the cost to build roads, driveways, and other developers costs, having utilities run to the home clearing and preparing the home site.
Reconstuction/Replacement Cost
Reconstruction/Replacement cost is what it would cost to completely replace your home with like kind materials
of equal quality and utility in the event of a total or a major loss to a home, without deducting for
depreciation (the expected decrease in value that results from normal wear and tear). This is
calculated based on various factors including: construction year of the dwelling, square footage,
type of dwelling, quality and types of materials used, flooring, wall coverings, quality of bathrooms and
kitchen, and type of siding and roof. Factors that increase the cost include: increased cost to get large
equipment to job site, buying smaller quantities of building materials, increased sub-contractors costs
due to "rush job" pricing, and other factors. Factors that my reduce the cost include: some materials may
be re-used, utilities are present, existing driveway, and other factors.
Insurance companies require that you insure your home for full reconstruction cost when insured on a
"Gaurenteed Replacement Cost" type policy.
If you would like a comprehensive review of our homeowners insurance program, please contact us.