What is the fastest method for estimating building costs?

The square foot method is recognized as the fastest method for estimating building costs due to its simplicity and speed of calculation. This approach involves calculating the cost per square foot of a building based on known data, and then multiplying it by the total square footage of the property in question. This method is particularly advantageous for appraisers and developers who need quick estimates for preliminary assessments or budgeting.

The popularity of the square foot method stems from its ease of use, where it requires minimal detailed information about the building. It allows appraisers to swiftly generate estimates without the need for extensive data analysis of building materials or labor costs. This makes it especially useful in scenarios where time is of the essence, such as initial feasibility studies or comparison analyses among multiple properties.

While other methods, such as the cubic foot method or unit-in-place cost method, offer their own benefits, they generally require more detailed information and calculations, thus slowing down the estimation process. The quantity survey method, while very accurate, involves a comprehensive breakdown of materials and labor which makes it the slowest option among them. The square foot method successfully balances speed and reasonable accuracy, making it the go-to for quick cost estimates in real estate.