Call (843) 789-4604
Call (843) 789-4604
With over 30 years of experience in the construction industry, New Beginnings Construction has become a trusted name in the field of construction in the Charleston area. Our team of experts has the knowledge, skills, and expertise to handle any project, big or small. We have completed numerous projects ranging from residential homes to commercial buildings, and our clients can attest to our commitment to quality and excellence. Follow along below to better understand the process when working with us!
Client Roadmap with New Beginnings Construction
REPLACEMENT COST VALUE
The total amount that your insurance company has estimated as the cost of repairs to your property.
The insurance company will apply depreciation to your damaged property based on the product’s age and “life expectancy”. Depreciation is the decrease in the value of the property over a period of time due to wear, tear, and overall condition.
This is your share of the cost of the repairs. Legally, this amount is your responsibility to pay your contractor.
ACTUAL CASH VALUE
The amount of money needed to fix your home, minus the decrease in value of your property because of age or use.
ACV = RCV – (Depreciation + Deductible)
If your claim has recoverable depreciation, that is money you will receive after you have incurred the costs of the repairs.
If you have Replacement Cost Value coverage in your policy, your depreciation should be “Recoverable”.
If your insurance coverage is Actual Cash Value, then the amount of the depreciation will be Non-Recoverable. This means you will not receive the depreciation amount as part of the claim, so your share of the cost of repairs will be much higher.
Renovation or restoration costs can very greatly between contractors for the same or similar job. The scope of work, the materials used and the labor costs are generally the biggest factors. You must also consider the cost of your permit, cost for the contractor to manage your project and whether or not you will be required to submit structural drawings. At the beginning of a project you may have design and planning costs, and while implementing a project you may run into unforeseen issues that must be addressed. Understanding this on the front end of a renovation project allows you to manage costs and achieve your desired outcome while staying within your investment amount.
We provide a one-year workmanship warranty on all of our projects and any product warranties are assigned to the owner. If any defect is found within the warranty period, the owner must promptly notify New Beginnings Construction in writing to begin the warranty inspection process. All work is governed by the international building code Standards, ensuring that our work exceeds industry standards and regulatory requirements.
Renovations can increase property value and provide long-term financial benefits in a number of ways. The biggest impact most people immediately see is the improved aesthetic appeal, and enhancing the everyday functionality. By increasing energy efficiency, you can see a return on your investment while also aligning with current market trends and buyer preferences, you may even qualify for certain tax incentives. By investing in strategic renovations, homeowners can increase their property's value and enjoy long-term financial benefits for years to come.
For most major renovations the answer to this question is Yes. Engineered plans are required by the local permitting office to ensure compliance with local building codes and make the process of compiling the pricing for your renovation much easier. As a rule of thumb consult with an architect or structural engineer to determine if plans are necessary for your specific project.
Whether you'll need to move out during a renovation depends on the scope of the project, health and safety concerns, noise and disruption, loss of use and accessibility, personal preference, and the duration of the project. Talk to your contractor to get an idea of what to expect and consider your budget for alternative accommodations before making a decision.
New Beginnings Construction, Inc.
1064 Gardner Rd, Ste 308, Charleston, SC 29407
Copyright © 2022 New Beginnings Construction - All Rights Reserved.
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