Which method is known for being the fastest and most commonly used for estimating construction costs?

The comparative unit method is recognized for its efficiency and speed in estimating construction costs. This approach relies on historical cost data from similar projects, allowing appraisers to quickly derive cost estimates based on per-unit figures. It simplifies the estimating process by utilizing established benchmarks rather than requiring a detailed breakdown of every cost component involved in construction.

This method is particularly advantageous when further details of the project might not be readily available or when a quick approximation is necessary. It benefits appraisers who need to generate cost estimates in a timely manner while still maintaining a reasonable level of accuracy by drawing from comparable past projects. The reliance on established unit costs makes it a practical choice in many situations, especially in the context of real estate appraisal where quick, yet reasonable estimates are often required.