Replacement Cost New
Appraisal Terms and Definitions
Replacement Cost New is a professional opinion of the cost, expressed in terms of currency, in offering substitutes similar to the assets that had been inspected. In contrast to Replacement Cost Used, these substitutes are new and they display modern design, along with technology, quality and utility. However, if a direct replacement is not accessible, then the appraiser uses his/her professional opinion in estimating the cost. Taxes and transportation are not included in the cost estimate.
Replacement Cost New is defined as the cost of replacing an existing property with one which is similar to it and is of equal utility.
Maynards has worked in many cities and towns, and they have skillfully handled large-scale projects; we can take care of your auction and appraisal needs.