Depreciation (Appraisal) is a charge against the reproduction cost (new) of an asset for the estimated wear and obsolescence. This type of depreciation can be categorized as physical, functional, or economic.
A Quantity Survey is a meticulous method used by appraisers to estimate the reproduction cost (new) of an improvement. It involves a detailed cost estimate of all materials, labor, and overhead required to replicate a structure.
Reproduction cost is the expense involved in duplicating a property exactly, denoting the total amount required to construct a replica of the structure using the same materials, design, and workmanship as the original.
A method used by appraisers to estimate the reproduction cost (new) of a structure by evaluating the cost of its individual components. The unit-in-place method involves estimating the cost to produce and install components like the foundation, exterior walls, and plumbing.
