Question

You are appraising a five-year-old, single-family home. The livable area is 60 feet by 50 feet. The garage is 24 feet by 20 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $103 and $92 per square foot for the garage. Calculate the reproduction cost new of the structure.

Answer 1

The reproduction cost new of the structure is $353160.

Explanation:

Given:

You are appraising a five-year-old, single-family home. The livable area is 60 feet by 50 feet. The garage is 24 feet by 20 feet. According to figures obtained from a cost-estimating service, the base construction cost per square foot of livable area is $103 and $92 per square foot for the garage.

Now, to calculate the reproduction cost new of the structure.

So, to get the area of livable area:

As, the livable area is 60 feet by 50 feet.

`60* 50`

`=3000\ feet^2.`

The total area of livable area = 3000 feet²

The cost per square foot of livable area is $103:

Now, to get the total cost we multiply the total area of livable area by cost per square foot of livable area:

`3000* 103`

`=\$309000.`

Total cost of base construction of livable area = $309000.

And to get the area of garage:

As, the garage is 24 feet by 20 feet.

`24* 20`

`=480\ feet^2.`

The total area of garage = 480 feet².

The cost per square foot for the garage = $92.

Now, to get the total cost we multiply the total area of garage by cost per square foot for the garage:

`480* 92`

`=\$44160.`

Total cost of base construction of garage = $44160.

Now, to get the reproduction cost new of the structure we add both the total cost of base construction of livable area and garage:

`309000+44160`

`=\$353160.`

Therefore, the reproduction cost new of the structure is $353160.