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RES 450 Week 4 DQ 1 -
The Cost Approach
Your friend owns an old Victorian home that is considered a historical site. He tells you that he just bought fire insurance that will cover loss to replace the home in case of a fire. He’s not sure if the coverage limit will be enough, so he’s asked your opinion about the situation. In 250 - 300 words, give your friend a recommendation as you tell him about the cost approach:
- List the five basic steps in the cost approach.
- Define the terms reproduction cost and replacement cost, and explain their use in appraisals.
- Name four methods of estimating costs and explain when each is used.
- List the direct and indirect costs that make up a building’s total costs.
- Name the important site, location, and design features that influence the construction costs of a building.