Home Valuation Guide Philippines
Philippines endorsed the IVSC appraisal standard for valuation and estimation of real estate property under the conditions of the Philippines convention. Real estate contractors use it as a standard for valuing land based properties.
usually employed procedures under this background are :
Sales Comparison practice : in this procedure theassessor seeks news in connection with the freshly sold houses in that vicinity to use that data as a benchmark. The assessor uses the data to find value patterns and trends in the market. The valuator also aggregates data about other buyer profiles,scope of time on the market, number of comparable indexed properties accessible during this time. These value are used by the agent to appraise condo Philippines a market estimate. It is one of the most universal approaches to real estate market valuation. And it holds good for residential properties.Thisprocedure is fitting to all forms of real property. However it is not good for commercial properties & it does not hold strong when market is shaky and there is short market transactions.
Cost Approach : In this method a buyer of a real estate should not pay additional for a property than the cost of substituting it with an identical property less the applicable depreciation.Three methods are used practically in this method.They are:
Reproduction cost method : This method is good when the cost of a up to date alike asset is more than the cost of making a clone of the subject asset,
Replacement cost method: it includes evaluating the price that a market investor would pay and the substitution cost is corrected for physical decline and all appropriate forms of degradation.
Summation method : Mainly used for investment companies, the steps involves evaluating each of the elementary assets and summing the value to find the main asset value.
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