The "reproduction cost" of a property is the cost today to build an exact copy of it. The "replacement cost" is the cost today to build something similar that would have the same purpose, but using modern materials and methods.
These are questions that the above text answers:
1. What is the difference between reproduction cost and replacement cost of a property?
2. How is reproduction cost of a property defined?
3. How is replacement cost of a property defined?
4. What does reproduction cost refer to in real estate?
5. What does replacement cost refer to in real estate?
6. How is reproduction cost calculated for a property?
7. How is replacement cost calculated for a property?
8. What factors are considered when determining reproduction cost?
9. What factors are considered when determining replacement cost?
10. Why is it important to understand the difference between reproduction and replacement cost in real estate?