Real estate appraisal or property valuation is the process of determining the value of the property on the basis of the highest and the best use of real property (which basically translates into determining the fair market value of the property). When a property needs evaluation, a real estate appraiser is called upon to execute the task. However, you will discover that your local Chapel Hill real estate agent will be a great resource for you.
The value as determined by real estate appraisal is the fair market value. A wide range of methods, to accomplish different purposes, are put into use to get the real estate appraised. When a real estate is appraised, the same property can be assigned different values (improved or vacant value); values may also vary depending on residential or commercial zone. However, a real estate investor might not necessarily consider the value of the property as calculated through the real estate appraisal. In fact, a real estate investor might completely ignore the value that comes out of real estate appraisal process.
A good real estate investor would evaluate the property on the basis of the developments going on in the region. So real estate appraisal as done by a real estate investor would come up with the value that the real estate investor can get out of the property by buying it at a low price and selling it at a much higher price (as in the present). To find prime real estate that is suitable for an investment or for personal use, you might want to view some Chapel Hill townhouses for sale .
Similarly, real estate investor could do his own real estate appraisal for the expected value of the
property over a time span of 2-5 years. Once more, the investor might carry out the appraisal process
estate appraisal based on what value he/she can create by investing some amount of money in the
property i.e. a real estate investor might plan to buy a property which needs some minor renovation and completes the restoration work and get it sold it in the market at a much higher price. Therefore, a real estate appraisal can take on an entirely different meaning, dissimilar to the value that’s assessed by the real estate appraiser.
The decision of the real estate investor will typically be based in regard to the value of the property that he appraises on his own or employ someone esle to do it. So, does a ‘real estate appraisal’ really imply a precise appraisal of the property?
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