Question

You are appraising a three-year-old, single-family residence. The total square footage of the livable area is 2,050. The garage is 500 square feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $52 and $36 per square foot for the garage. Calculate the reproduction cost new of the structure.

Answer 1

$ 124,600

Step-by-step explanation:

Given data:

Total livable area = 2,50 square foot

Area of the garage = 500 square foot

Base construction cost for livable area = $ 52 per square foot

Base construction cost for garage = $ 36 per square foot

Thus,

the cost for construction of total livable area = Area × per unit area construction cost

or

the cost for construction of total livable area = 2,050 × $ 52 = $ 106,600

and

cost for construction of total garage area = 500 × $ 36 = $ 18,000

hence,

the total cost for the reproduction of the new structure

= $ 106,600 + $ 18,000

or

= $ 124,600