What term describes the cost of producing an exact replica of a building or improvement?

The cost of producing an exact replica of a building or improvement is referred to as reproduction cost. This term specifically encompasses the expenses associated with constructing an identical version of a structure using the same materials and methods as the original. It factors in not just the physical aspects of construction but also the architectural features, craftsmanship, and any unique characteristics that distinguish the original building.

Reproduction cost is particularly relevant in historical preservation and restoration contexts where maintaining the original appearance and structural integrity of a building is crucial. This differs from replacement cost, which refers to the cost of constructing a building that serves the same purpose but may use modern materials or techniques that do not replicate the original exactly. Historical cost typically refers to the original purchase price or the initial construction costs, rather than the cost of replicating a current structure. Market value, on the other hand, is the price that a property would likely sell for in the current market, influenced by various factors but not tied to the costs of construction.