There are two types of cost analyses
Replacement cost is the cost to construct a building with equivalent utility at current prices, materials, standards, design and layout. Replacement cost is almost always the method of estimating cost in a residential appraisal.
Reproduction cost is the cost to construct an exact duplicate of a building at current prices using the same materials, standards, design, layout and quality, and embodying all the subject's deficiencies, superadequacies and obsolescence. Reproduction cost is almost never used in a residential appraisal. Evaluating cost by the reproduction method is not included in this course.