We will consider many factors such as the location of your property, the year it was built, the type of property, the size of the property, historical research of the property. We will also consider whether it’s an income producing property, investment property or an owner-occupied property.
- We can utilize 3 different methods to derive value:
- Market Approach: Comparing sale/lease of similar properties to determine the sale price.
- Income Approach: sale of income producing, investment properties utilizing cap rates to determine the sales price.
- Replacement Approach: Uses construction cost of comparable building (how much it would cost to recreate) to determine the sales price.