Reconstruction cost – or replacement cost – is the cost of hiring a contractor to replace your home as it is, using materials and design of the same or similar quality. This amount is not the same as market value, which is the value of comparable homes that have sold in your area. Your home’s current reconstruction cost could be very different from its market value.
In a previous article, I discussed the importance of proper wine storage: temperature control (cool and consistent), humidity control, protection from direct sunlight and protection from vibration. Unless you store your wine in a deep cellar, these conditions will not occur naturally. They can, however, be obtained through construction.
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Remodeling and renovation projects can add significantly to the value of your home. Whether you do it yourself or hire a contractor, remember to update your homeowner insurance as you increase your home’s value.