A real estate unit,
is generally described as a self contained
dwelling or an apartment, with each unit
containing bedrooms, washrooms, kitchens and
other amnesties needful for living.
A unit cost, is the
average price of all units in a particular
development.
A method of
estimating construction costs that involves
determining the unit cost of component
sections of the structure installed or in
place. The unit cost, involves both
materials and labour.
The reduction
of selling prices to appropriate
units, usually determined by a
physical attribute, so that
standardized comparisons of
properties can be made.
Units of
comparison should represent units in
terms of which properties are in
fact sold, rented, built or valued.
Common Units of Comparison:
Price Per Square Foot/Meter:
Often used in valuation of
residential, commercial and
industrial units. Such units of
measurement are only valid if
properties in the are are all of
or similar shape.
Price Per Front Foot/Meter:
Mostly used in residential
comparison method, the price per
front foot, the value of the
site, may not always continue to
increase beyond useful frontage.
Price Per Lot: Should
only be used when all lots are
of the same size.
Other Units: Other
units of comparison may
included, price per suite (in a
condominium development), price
per acre (in a agricultural
property).
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