Every six months the International Code Council (ICC) provides updated Building Valuation Data (BVD) to its members. The BVD table provides the “average” construction costs per square foot, which can be used in determining permit fees for a jurisdiction.
The following building valuation data represents average valuations for most buildings. Again it should be noted, when using this data, these are “average” costs based on typical construction methods for each occupancy group and type of construction. The average costs include foundation work, structural and nonstructural building components, electrical, plumbing, mechanical and interior finish material. The data is a national average and does not take into account any regional cost differences
The Square Foot Construction Cost does not include the price of the land on which the building is built. The Square Foot Construction Cost takes into account everything from foundation work to the roof structure and coverings but does not include the price of the land.
So……what is a new building’s value?
Private garages are to be valued as an IBC (International Building Code) Section 312 “Group U” utility and miscellaneous structures. V-B is the least restrictive building type with regard to materials. V-B structures can be built out of any material and it doesn’t need to be rated. It is also the most restrictive in terms of size restrictions in IBC Table 503.
A finished V-B Group U structure has a valuation of $39.83 per square foot. If the building is a “shell only”, then 80% of this value would be used ($31.86 per square foot).
Putting up a standard two-car garage 24 feet square? The valuation would be $18,351. A 30’ x 40’ shop? $38,232.
Looking at these valuations, a post frame (pole) building is a tremendous bargain, and a great way to add instant equity to a property! Get a quote on a pole building kit package, add in your other costs (HVAC, etc.) and I believe you will see dollar signs – going into your pocket, instead of out.