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.
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Answer:
$353160
Step-by-step explanation:
Area of livable area = 60 x 50 = 3000 sq. ft
Area of garbage area = 24 x 20 = 480 sq. ft
Price to restore livable area = 3000 x 103 = 309000
Price to restore garbage area = 480 x 92 = 44160
Total reproduction cost = 309000 + 44160 = $353160
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