Numerous valuation methods have been developed with many separate application methods due to the variety of real estate valuation, the diversity of the nature of the property, and the variation in value bases. The International Valuation Standards Board and most professional organizations classify valuation methods into three categories: basic real estate valuation methods, advanced valuation methods, and advanced valuation methods.
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Real estate valuation
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One of the fundamental real estate appraisal methodologies is the market method:
This is the most commonly used valuation approach, and it is focused mostly on comparing the valued property to similar properties on the market;
To immediately determine the capital or rental worth of the property.
This method considers the market price to be the best indicator of value,
And the market price can be calculated by searching for available evidence and evidence about recent transactions.
And deals in the market for real estate properties similar to the age of its properties and applying it to the variable properties of its properties.
When doing the comparison, note the following:
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1- The measuring basis must be consistent. Where the measuring bases differ between buildings.
The area of the buildings can be measured on the basis of the total internal area, which includes corridors and all common portions.
Or it can be measured Net, which excludes common spaces and transition regions such as staircases and elevators.
2- It must be assured that the rental or capital value is proportional to the property’s area.
And supported by evidence and market evidence.
For example, when comparing a large and a small building,
The price of the smaller building cannot be applied immediately to the price of the larger building.
Because the smaller building took longer to construct.
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1: Determine the type of real estate or real estate right to be evaluated, such as freehold ownership, long-term rental possession, and so on.
2- Determining the evaluation’s purpose, whether it is for sale, rent, or any other reason.
3- Property examination and inspection
4- Examine your rights, legal constraints, and so on.
5- Inquiries from concerned authorities concerning city organization and planning, as well as environmental concerns.
6- Sorting comparable transactions and deals and determining an indicative price for the property
7- Changing the pricing and making adjustments for the comparable property to demonstrate the benefits and drawbacks (physical, environmental and legal).
All in all, the previous lines include all details you may need to know about real estate valuation, we hope that may be useful for you.