Real estate appraisal

De BISAWiki

Real estate appraisal is that the real one?

Real estate assessment 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 basically translates into determining the fair market value of the property). The one who performs this real estate assessment exercise is known as the real estate appraiser or property worth surveyor. The value as dependant on real estate appraisal is the fair market value. The real estate appraisal is done using different practices and the real estate appraisal values as different for difference reasons e.g the house. Different values might be assigned 2 by the real estate appraisal to the exact same property (Improved value and vacant value) and again the same/similar property might be assigned different values in a residential zone and an industrial zone. Nevertheless success, the value given consequently of real estate assessment mightn't be the value when assessing the property for investment a real estate investor would consider. In fact boise lawyer, a real estate investor might completely ignore the importance that comes out of real estate assessment process.

On the basis of the developments going on in the region a good real-estate investor could evaluate the property. Therefore as performed by a real estate investor real estate assessment could produce the price that the real estate investor will get out of the property by getting it at a price and selling it at a higher price (as in the present). Similarly, real estate investor can do their own real estate appraisal for the expected value of the home in, say 2 years time or in 5 years time. Again, a estate investor might perform his real estate assessment based on what value he/she can cause by committing some sum of money in the property i.e. a estate investor might decide on buying a dirty/scary type of property (which no-one likes) and get some minor repairs, painting etc done in order to increase the value of the property (the value that the real estate investor could get by selling it in the market). So, here the meaning of real estate appraisal adjustments completely (and can be very different from the price that real estate appraiser would turn out with if a real estate appraisal exercise was conducted by the real estate appraiser on the house).

A real estate investor will generally base his investment decision on this real estate assessment he does by himself (or gets performed through someone). So, could we then term real estate appraisal as a really real real estate appraisal?

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