Property Valuation Services - Overview, Methods and Benefits.
Property valuation or real estate valuation entails determining the economic value of a property. Valuing a property is necessary to arrive at decisions pertaining to a variety of property-related activities, including buying/selling, real estate insurance, property transfers, investment analysis, taxation and financing.
The sales price does not necessarily correspond to the fair market value. Four key aspects of a property drive its value. The first is demand, which refers to the level of interest and purchasing power of the participants in the market. The second factor, utility, signifies real estate's ability to meet the needs of prospective buyers. Scarcity, the third factor, assesses the limited or abundant supply of real estate. The fourth characteristic is transferability, which refers to how easily real estate can be legally transferred to a new owner. Last but not the least, buyer’s and seller's perspectives also affect the final valuation.
Original source: https://www.resurgentindia.com/property-valuation-services
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