Super Fitness Health BlogReal estate appraisal
Real estate appraisal is that the real one?
Real estate appraisal or property valuation is the process of determining the value of the property on the basis of the highest and the greatest use of real property (which fundamentally translates into determining the fair market value of the property). The one who performs this real estate assessment exercise is named the real estate appraiser or property valuation surveyor. The value as based on real estate assessment is the fair market value. The real estate appraisal is done using different methods and the real estate appraisal values as different for difference functions e.g the property. Different values might be assigned 2 by the real estate appraisal to the same property empty value) and (Improved value and again the same/similar property might be given different values in a residential zone and an industrial zone. Nevertheless, the value given because of this of real estate assessment mightn’t be the value when assessing the house for investment a real estate investor would consider. Actually, a real estate investor may totally disregard the importance that comes out of real estate appraisal process.
The property would be evaluated by a good real estate investor on the basis of the improvements going on in the region. So real estate appraisal as done by a real estate investor would produce the value that the real estate investor can get out of the property by buying it at a price and selling it at a greater price (as in today’s). Equally, real estate investor could do their own real estate appraisal for the estimated value of the home in, say 2 years time or in 5 years time. Again, a estate investor might conduct his real estate assessment based on what value he/she can make by committing some amount of money in the property i.e. a estate investor might decide on buying a dirty/scary kind of property (which nobody likes) and get some slight repairs, painting etc done in order to improve the value of the property (the value that the real estate investor would get by selling it in the industry). So, here the meaning of real estate appraisal changes completely (and can be quite distinctive from the value that real estate appraiser could come out with if the real estate appraiser conducted a estate appraisal exercise on the home).
A real estate investor will generally base his financial commitment with this real estate assessment that he does by himself (or gets completed through someone). Therefore, can we then term real estate appraisal as an extremely real real estate appraisal?
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