Cost Approach Software Recommendations?

[Phlyguy]

I am getting a new computer set-up and am contemplating purchasing an easy to use cost approach software program, assuming reviews are worthwhile.

Mashall and Swift Residential Estimator 7 ($1,040) looks to do it all... Is the money worth it and is it easy and quick?

Marshall and Swift Residential Express ($465). Does this really provide me with enough to be confident in my cost conclusion for URAR reports?

Alamode also has something these days thats like $10 a report. Are people happy with this product? I guess reliability is the big factor here as the info is presumably just pulled from your report automatically, likely the easiest Im guessing?

Thanks everyone, I was surprised I didnt find anything on this already- or if there is, a point in the right direction would be appreciated. I also havent looked into annual renewal fees with M&S, Im guessing they are significant too....

 

[Tejus]

http://appraisersforum.com/showthread.php?t=184517

http://appraisersforum.com/showthread.php?t=99251

 

[DJBanas]

I purchased the 2012 edition of the National Cost Manual from Craftsman. Comes with a CD that makes it fairly easy to use. M&S, at least to me, is too expensive and overkill.

 

[Pittsburg_22_m]

I purchased the 2012 edition of the National Cost Manual from Craftsman. Comes with a CD that makes it fairly easy to use. M&S, at least to me, is too expensive and overkill.

This! My only issue with it is the basement costs are quite a bit higher than they should be in my area.

 

[Terrel L. Shields]

This! My only issue with it is the basement costs are quite a bit higher than they should be in my area.

I would say the basement costs here are about "right" but, of course, the contribution of basements in NWA, otherwise known as "underground pools" is way off simple depreciation for physical only.... That is, they suffer a functional obsolescence in our market.

 

[Scott FL]

7 and Xpress are quick. 7 is too expensive unless you need it for manufactured or a few minor items.

They work the same way. They send quarterly updates. After a few months you will realize not only is it accurate but you will additionally gain a significant understanding of how depreciation is impacting your market.

The M&S book, CD's and Craftsman are time consuming and near worthless.

 

[stripes]

Alamode also has something these days thats like $10 a report. Are people happy with this product?

The product from AlaMode is the Marshall & Swift Residential Estimator. You can buy blocks of estimates, the more you buy results in a lower unit cost. It is launched from within the report, so some things are carried over into the estimator. The main data transfer happens after you finish your estimate and your Cost Approach section is populated automatically.

It is a straightforward product to use, but there are a few things that aren't explained well and you end up learning through trial and error.

I'm happy with this arrangement because I didn't have an initial outlay of $$ and I like that it's integrated into my report writing software.

 

[Hank Outlaw]

You could just not do the Cost Approach as I saw recently in an appraisal for a new home *new construction*.

"Because there is insufficient market evidence to credibly support the site value/derivation of total depreciation, the cost approach is deemed unreliable and not utilized."

(Sarcasm intented).

I've used the following, sometimes including more than one source as a cost reference:

http://building-cost.net/

http://www.hmfacts.com/

http://www.marshallswift.com/

Hope this helps.

Hank O.

 

[Phlyguy]

Thanks for the input everyone.

I played around with the Swift Estimator (bought 2 uses for $19) and found it easy and interesting.

I think I will pick up the MS Res Express software down the road, seems like a worthwhile convenient resource to have.

 

[Terrel L. Shields]

The M&S book, CD's and Craftsman are time consuming and near worthless.

could not disagree more.... An appraiser without a cost book in their kit is about as useful as a carpenter without a tape measure.