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Cost is the amount of money required to reproduce or replace a commodity.  In real estate Cost is the total amount to reproduce or replace an improvement.


Cost is the sum of:


The site, site improvements, and site development costs
Labor and materials to build the improvement
Overhead and selling costs


If a buyer paid $100,000 for a new house, the price of the house is $100,000.  The cost of the house is most likely $100,000.  It is likely (but not certain) that the value of the house approximates the price and the cost of the house.

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