EVERYTHING YOU SHOULD KNOW ABOUT THE REAL ESTATE VALUATION Determining the correct value of the real estate property is essential because of numerous reasons like financing, sales listing, and much more. But, the main reason for determining the real worth of the property is while purchasing the property or at the time of sale. For the correct valuation of the real estate, you need the services of a qualified appraiser like Naftali Horowitz. But, before you hire the appraiser, you should get your facts right about the basic concepts of real estate valuation.
What is the property value? Property value refers to the present worth of the future benefits arising from the property. The benefits of real estate property are realized over a long period. For calculating the estimate of the property value, an appraiser has to take into account the trends as well as environmental factors.
Value versus cost price Note, that value is not always equal to cost or price. Cost includes actual expenditure, while the price is the amount you pay for the property. Both cost and price affect the property value, but don't determine the value.
Know about the market value The main aim of conducting the appraisal is to know about the market value. Naftali Horowitz is the appraiser who takes into account various factors to determine market value, that is the price at which the property sells.