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The price of a real
estate investment property is considered to be one of
the most important elements in any transaction related to
real estate. Real estate brokers and lenders hire appraisers
in order to determine the market value of a particular property.
The value determination of a real
estate investing property is essential for the economic
well being of the society as well.
There are three approaches used for making
an estimate of the value of a property:
Although real estate appraisals are detailed
reports, some of the things included in are:
- Details related to the subject property
along with its comparison to three or four properties similar
to it.
- Evaluation and description of the real
estate market in a particular area.
- Statements related to the issues the appraiser
thinks can be harmful for resale of the property or its
value for instance poor access to the property.
- Notations related to the seriously flawed
characteristics of the property like a crumbling foundation.
- The type of area the house is in.
- An average estimation of the sales time
for the property.
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Cost approach:
This approach is effective for properties
that are new. It is useful because the ‘cost to build’
is known. The appraiser makes an estimate on the cost for
replacing the structure, in case it was destroyed. Your
personal approval will be important in the initial stages
of the loan process, but the final loan commitment will
depend on a satisfactory and positive appraisal. This is
essential because the bank will also need assurance that
its investment will be covered in case you default on the
repayment of loan.
Sales comparison approach:
The appraiser under this approach estimates
a subject market value of the property. It is done by comparing
the house to similar properties that have been sold in that
area. The properties that are used for this purpose are
called comparables. If two properties are alike, the appraiser
needs to compare the comparables with the subject property
and make proper paperwork adjustments so that the features
are in line with the property. This will result in a figure
that will show how much each comparable would have got sold
for, if it had the same features as the subject property.
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The real estate appraisal can help you in
the establishment of the market value of a property. This
value is the likely sales price that the property would
bring if you offered it in a competitive and open real estate
market and therefore it is essential that an appraisal is
done with the due consideration and in an organized manner.
You can conduct appraisals for rental properties also, even
though it will not be similar to what is done for single
home families. Income is the most important factor that
is kept in mind when an investor buys a rental property.
Therefore, income is the basis for determining the value
of such properties. The capitalization rate can be taken
out on the basis of the rate of return that the investor
would be expecting in a particular area.
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