Which method requires an appraiser to know every detail of building construction?

The quantity survey method requires an appraiser to have a deep understanding of every detail of building construction. This approach involves a comprehensive assessment that includes not only the costs of materials and labor but also detailed specifications about the construction process, such as the types of materials used, labor costs, and overhead expenses associated with building. It focuses on providing a detailed estimate of the costs involved in constructing a new building or reproducing an existing one.

This meticulous approach is essential because the final value determined through the quantity survey will rely heavily on precise calculations that reflect the current costs associated with building practices, and any inaccuracies could result in an incorrect appraisal. As a result, the appraiser needs to possess extensive knowledge of construction techniques, materials, and current market costs to conduct an accurate evaluation.

Other options may focus on broader approaches that do not demand such specialized knowledge. For example, the cost approach generally provides a valuation based on the total cost of land and construction without needing every granular detail of construction. The market comparison method evaluates properties based on recent sales of similar properties, while the income approach looks at the revenue-generating capabilities of the property, both of which do not specifically require detailed construction knowledge.