typically divided into two, the first being the capital outlay costs,
which are often subdivided into both the costs of purchase of suitable
accommodation, (if alternative accommodation is necessary), plus the cost
of any necessary adaptations to suit a particular disability. The second
area is 'future costs' associated with operating and maintaining
accommodation into the future. This is an important factor when considering
both disability adaptations and suitable accommodation. There are often various
professional opinions on what these future costs might be, but they are best
considered early, either for client advice purposes, financial planning,
reporting or to assist with specification decisions at the outset, (for example
selecting low maintenance or long life products in the adaptation works) and
for the viability in property selection.
For many property purchasers, the main consideration is often the initial capital costs of purchase and adaptation, the analogy being 'that part of the iceberg visible above the water', but its what lies beneath that isn't necessarily given the full attention it needs (i.e. future operation & maintenance or renewal costs). Together both those initial capital costs and ongoing future costs form the total life time costs of the accommodation. This is a process often termed life cycle costing or future costs analysis.
So what are the benefits of a more detailed assessment in considering the total accommodation costs ?
- A better understanding of what the total accommodation costs may be, both for property selection decisions and for future financial planning;
- An aid to property finding and determining suitable accommodation;
- A useful tool in accommodation reporting, both for advising the Court and for the Parties and their respective lawyers, when considering quantum, in respect of accommodation;
- The capacity to compare pre-injury and post injury accommodation total costs, and
- An aid to advising clients and their advisors on the specifications and some design considerations, when preparing proposals for adaptations.
DMA Associates have now and continue to invest in a more in-depth life cycle cost assessment calculator (LCCAC). This bespoke service can assist with these total costs assessments for disability accommodation, so as to provide a more considered opinion. For further enquiries on this service, please email: email@example.com