Category: Real Estate Appraisal

Definitions and Key Concepts Appraisal is the process of evaluating a property’s monetary value. It is underpinned by various critical concepts and definitions. 1. Market Value: This is the probable price at…

Different Types of Value (Market, Assessed, and Appraised Value) In the realm of real estate appraisal, three pivotal types of value come to the fore: market, assessed, and appraised value. Market value,…

Principles of Value (Demand, Utility, Scarcity, Transferability) Fundamental to evaluating property’s worth are four key tenets: demand, utility, scarcity, and transferability. Firstly, demand represents the desire or need for ownership supported by…

Legal Considerations in Appraisal Considerable legislation presides over the appraisal process to ensure fair estimation of property value. Familiarity with laws such as the Uniform Standards of Professional Appraisal Practice (USPAP) is…

There are several essential steps in the commercial property appraisal process. The first step is the preliminary survey or the pre-appraisal. This is when the appraiser identifies the property and verifies ownership…

Commercial appraisals require several crucial considerations. Firstly, market value is determined by inspecting the property and comparing it with recently sold, comparable properties in the vicinity, also known as ‘comps’. Secondly, income…

Understanding the evaluation approach for business-oriented real estate entails several steps. The first stage involves selecting the appropriate valuation method. Commonly used methods include the Sales Comparison Approach, Cost Approach, or Income…

Commercial appraisals are vital for estimating the market value of a property and are often guided by several key factors. First, the location of the property, which can directly affect the value,…