When an appraiser uses a published cost manual to determine the cost of a dwelling, that figure represents the dwelling's what?

When an appraiser utilizes a published cost manual to determine the cost of a dwelling, the resultant figure specifically represents the dwelling's cost. This is distinct from other related concepts such as market value, price, and investment value.

Cost refers to the amount it would take to construct a similar property under current market conditions, based on the materials and labor required. The use of a published cost manual helps to standardize this calculation, providing a reliable basis for assessing the value of the property's physical structure.

Market value reflects what a buyer is willing to pay for the property in the current market environment, while price is the actual amount a buyer and seller agree upon in a transaction. Investment value, on the other hand, considers the worth of a property to a specific investor based on their individual requirements and considerations. Thus, the figure derived from a cost manual is a reflection of the cost to build, devoid of personal investment perspectives or market fluctuations.