What is the term used to describe the cost to build an exact duplicate of an existing structure?

The term that describes the cost to construct an exact duplicate of an existing structure is reproduction cost. This concept focuses specifically on replicating the original architecture, materials, and design of the building. Reproduction cost is a significant consideration in appraisals, particularly for historic properties where maintaining authenticity is crucial.

In comparison, replacement cost refers to the expense incurred to build a structure with similar utility but using current materials and construction methods, which may differ from the original. Market value pertains to the price a property could typically sell for in an open market, which is influenced by various market factors rather than construction costs. Depreciation cost involves the reduction in value of a property over time due to wear and tear or obsolescence and is not directly related to the cost of construction. Understanding these terms is essential for real estate professionals when evaluating properties and making informed decisions.