exchange, houses are not identical and cannot be priced similarly.
Property real estate appraisal, also known as property valuation, is the process of determining the value perspective of real property. This value refers to the market value, which is what a reasonable and willing buyer would pay for the property to a good and helpful seller. Property appraisal aims to establish an accurate and unbiased estimation of worth. An appraisal helps in various decision points. The seller can use the appraisal as a basis for pricing (and as a "selling tool"). The buyer can use it as a gauge to base an offer. Lenders use appraisals to know how much money to credit to their borrowers or use the real estate as collateral. When conducting a house appraisal, certain factors are considered to determine the property's value. Dwelling type (e.g., one-story, two-story, split-level, factory- built) • Dwelling type (e.g., one-story, two-story, split-level, factory-built) • Features (including design) — materials used, the kind of structure present, and how they were built. • Improvements made. • Comparable sales • Location — type of neighborhood, zoning areas, proximity to other establishments • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as a property cannot change location, upgrades or improvements to a residential property can often
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