When determining depreciation or replacement cost estimates, an inspector is used to provide an assessment and inspects the structure. The structureâ€s physical condition is subjective and can vary depending on who is visually inspecting the structure or dwelling.
Several inspectors may have different opinions about the condition, at a given moment in time, due to the subjective nature of this process. It can involve taking photos of the structure, measuring to verify documentation and inspecting above-grade and below-grade assets.