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Cost Book Resources

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Holly

Thread Starter
Freshman Member
Joined
Jan 31, 2002
I am a new appraiser (brand new) hired by a national company to work from home. They do not provide cost books for me and it seems most experienced appraisers are pulling these figures from their heads based on their experience. I am not getting very much support from the company and am lost. Does anyone have suggestions of where I can obtain this data other than purchasing M & S software? :roll:
 

Les Brant

Freshman Member
Joined
Jan 22, 2002
You can always use the M&S hard copy. I much prefer it. Never met anyone in this business that could pull costs out of the air. Les in Coastal (N)Carolina
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
Holly,

When Marshall Swift still approved Instructors, I was approved by them. They no longer approve Instructors so I can't claim their support any more. I was also approved by the Appraisal Institute for the Marshall Swift Seminars.

I found that very few of the persons who claim to use the Marshall swift Cost Handbook or the Marshall Swift Valuation Service (commercial manual) ever read it. The very first sentence in the very first page of either manual states that the costs are replacement cost, but many still claim to use the Marshall Swift Manuals for Reproduction Cost.

If you use the manuals (in my opinion they are significantly superior to the computer programs), try to find a Marshall Swift Manual Seminar. It can help immeasurably in estimating the replacement cost of a building that is not very old. The older the building the less reliable is the cost approach, whether it is replacement cost or not.

Good Luck.

Red Blumenstock
 
A

Anonymous

Guest
Holly,

You will need to by the software or the hardcopy manual. Also, not mentioned in the other posts, I keep a copy of all the building contracts I get for proposed home. They can be a sobering reality check for MS costs.

Les, have your never met a broker for a new home sale you are appraising? They seem to know all of the costs. You know, the $75 per foot carport? The basement that costs $100 foot? I have met many of them who can pull costs out of the air.
 

Holly

Thread Starter
Freshman Member
Joined
Jan 31, 2002
You were all so helpful regarding the cost books/ marshall swift recommendations. Thank you. As I become more experienced I am hoping to develop relationships with builders and get the costs directly - as most of your said. This is a great forum and I hope one day I can contribute.
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Holly,
While my main source is Marshall & Swift, I also subscribed to Means Residential Cost Handbook by the R.S. Means Co. It has a slightly different way of estimating costs and is a good balance to M&S. Of course, the best source of costs in your market is information from local builders & suppliers!
Good Luck,
Nancy
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Has anyone not seen a cost approach come in at value or kill a deal on a SFR? Most are backed into to support the sales.
 

Les Brant

Freshman Member
Joined
Jan 22, 2002
Bill, I sorta over looked that breed completely. THought we were talking about professionals. Les in Coastal (N)Carolina
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado

Cost approach wreaks, should be taken off the form.

BB


Make that two cigars.

Dee Dee
 
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