Concepts Definitions
• Cost of Reproduction: In appraisals, this refers to the estimated cost to rebuild an existing building as an exact replica using current prices for materials and labor.
• Cost of Replacement: An estimate of the cost to rebuild an older home using today’s updated construction standards and prices, rather than an exact replica.
• Square Footage: The total area of livable space within a property, calculated by multiplying the length by the width of each room or area. Different areas of a house, like a garage versus living space, can have different costs per square foot.
• Foundation: The underlying base of a building, usually made of reinforced concrete, that supports the structure’s weight. The widest part of the foundation is called the footing, which primarily supports the main weight.
• Roof: The covering on the top of a building. Different roof styles exist, with “hip” roofs being characterized by four sloping sides.
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