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RES334 week 4 discussion 1

Explain the differences between the cost and sales comparison approaches in appraising properties. Is there a place for both approaches? When would each be most appropriate?

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When it comes to residential appraisals there are two approaches used that are reliable, that is cost and sales comparison approach. The cost approach consists of the appraiser giving an estimate of the cost to rebuild a property’s structure minus the depreciation of the property but adding in the value of the land (Brueggeman, W.B., & Fisher, J.D. 2011). This allows the buyer to be more informed on what the property is worth based on what it would take to replace it new in the current market. If there is a property that there are none like it in the comps this approach is used but not the first go-to of the two. The sales comparison approach is most frequently used to make a good

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