Real Estate Appraisal
Real estate appraisal and property valuation can be defined as the practice of developing an estimation of the value of a property. No two properties are the same and they are all situated in different locations, which is one of the most important factors in determining their market value.
A real estate appraisal will usually be undertaken by a certified or licensed appraiser, also known as a valuation surveyor or property valuer, depending on which country you come from.
There are a number of definitions and types of value to be determined by a real estate appraiser which include:
- The Market Value
The most probable price a particular property should sell for at a certain point in time within a competitive market
- Investment Value
This is the value of the property to one particular investor. This is usually higher than the market value of a property.
- Value in Use
Value-in-use refers to the value of the property to one particular user for a specific purpose
- Liquidation Value
This is the typically sought standard of value during appraisals in bankruptcy proceedings. The liquidation value will usually be lower than the current fair market value
- Insurance Value
This is the value of a property covered by an insurance policy. This does not usually include the site value.
The Appraisal Institute is an association with a worldwide membership of more than 25,000 professional real estate appraisers, with ninety one chapters throughout the world. The Appraisal Institute aims to advance international real estate appraisal standards, professionalism and ethical practices through the professional development of property economics globally.
The Appraisal Institute also provides an extensive programme of speciality real estate appraisal courses for both the beginner and experienced professional.
Further Information:
Real Estate Appraisers - a complete list of real estate appraisers in the USA.
Aarons Home Inspections - The purchase of real estate is often the single largest and most important investment many of us ever make, and therefore its essential to make a well informed decision. Aarons Home Inspections is a one-stop resource for owning, buying or selling a home in North Texas and the company provides a comprehensive range of Home Inspection services.
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