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Appraisals carried out for residential properties vary greatly from those carried out for commercial real estate, and there are a few points it can be handy to be aware of before you seek out a valuation company:
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The estimates are added together to calculate the value of the entire improved property. The cost approach makes the assumption that a reasonable buyer would not pay more for an existing improved property than it would cost to buy a comparable lot and construct a building that is comparable in terms of desirability and usefulness. This approach is useful when the property being appraised is a type of property that is not frequently sold and is not an income-producing property. Examples include schools, churches, hospitals and government buildings
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Example (3): Harrisburg. Major flood in 1972 capped off decades of economic decline. Harrisburg categorized as one of the most distressed cities in the U.S. in early ...
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