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Cost per square foot for home building
Posted by: Homebuyer ()
Date: November 20, 2014 04:54PM

Does anyone have a ballpark for cost per square foot for home construction in Fairfax? Particularly replacement of home for insurance purposes. There is NOTHING special about the home. Basic 1970s colonial with no fancy upgrades.


Appraiser's estimate is WAY higher than USAA (insurance) estimate. Seemse to me the insurance company would be more accurate. Mortgage company is trying to force me to overinsure, which they are not legally allowed to do, but hey, they can always say, "OK, no mortgage!"

Grrrrrr.

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Re: Cost per square foot for home building
Posted by: Big Dick Blackest ()
Date: November 20, 2014 04:58PM

In Fairfax......$100-$125 per square foot depending on construction and extras.

I suspect your appraiser might be including the land value which insurance does not.

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Re: Cost per square foot for home building
Posted by: Homebuyer ()
Date: November 20, 2014 05:16PM

I don't think that's it. The land value is on one line, and the dwelling value is on another. On the dwelling line he multiplied $160 by the number of square feet. I think that is outrageous

But mortgage company is saying that's what they go by, not USAA. They insist USAA give THEM a breakout of how they came up with their number, which they refuse to do.

Appraiser number is 25% higher than USAA!!

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Re: Cost per square foot for home building
Posted by: Big Dick Blackest ()
Date: November 20, 2014 05:17PM

$160/sq ft is insane. That's McMansion numbers.

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Re: Cost per square foot for home building
Posted by: Homebuyer ()
Date: November 20, 2014 05:24PM

I agree. Insane. USAA says $120/sq ft. HUGE discrepancy. This is an OLD neighborhood. I ended up insuring it for the minimum they would allow for the mortgage, which is 80% of the appraiser's estimate. They pretty much forced me to do that because closing is in 2 days.

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Re: Cost per square foot for home building
Posted by: usaa rapes u ()
Date: November 21, 2014 08:22PM

We had usaa until we bought a new build in McLean. They wanted to insure the house for 400k more than we paid. I talked to the manager, a bunch of people with no luck. I said horse shit on that and took my 6 insurance policies out from usaa.

I got estimates from erie, liberty mutual etc.. and they said the rebuild cost was about 600k less than what we paid which makes sense because you are insuring the property not the land. We dropped Usaa and got erie which is one of the few like usaa that has replacement coverage and good ratings. Usaa has some weird appraisal policy that they do that makes you over pay.

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Re: Cost per square foot for home building
Posted by: ussa rapes you ()
Date: November 21, 2014 08:32PM

All insurance companies use Marshall swift estimates insurance rebuild costs.

Erie, liberty mutual and state farm was in line with this.

https://www.accucoverage.com/

Usaa uses some other highly inflated number but they over charge because they pay out to every scammer.

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Re: Cost per square foot for home building
Posted by: SqFtCost ()
Date: November 21, 2014 10:47PM

My place is 6100 sq feet, that average out to $139/sq foot.

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