Question
The second image just an example from my professor, you look that one you understand . the following costs to fill out the Cost Approach
The second image just an example from my professor, you look that one you understand .
the following costs to fill out the Cost Approach section on page 3 of the URAR.
Replacement Cost Information (per Marshall & Swift
Residential Cost Handbook as of March 2022)
For an Average Quality 2-story dwelling:
Gross Living Area (sq.ft.) Average Quality
1500
$110.51
1600
109.48
1700
108.57
1800
107.69
1900
106.83
2000
105.92
2100
105.02
For Average Quality Attached Garage:
Area of Garage (sq.ft.) Average Quality
200
$39.67
400
36.90
600
33.44
800
30.87
1000
27.59
Income Approach
Although there are some rentals in the area, this neighborhood is predominantly owner-occupied. As a home's income producing potential is not the typical motivation of buyers and sellers in this market area, the income approach is not considered to be a necessary approach to providing a reasonable estimate of value for the subject property.
Project Information for P.U.D.S
All of the sales occurred within the same subdivision as the subject. Since all the lots have now been sold to individual parties, the developer is no longer associated with the project.
The homeowner's association has been in place since early 2014.I sent the second image as an example.
COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) Fannie May Form 1004 March 2005
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