A single-family residence appraisal : an honors thesis ([HONRS] 499)

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Authors
Wilson, Jeff A.
Advisor
Wells, Grant J.
Issue Date
1988
Keyword
Degree
Thesis (B.?.)
Department
Honors College
Other Identifiers
Abstract

The purpose of this narrative appraisal report is to determine the market value of a single-family, one story residence, based on the principles espoused by the National Association of Independent Free Appraisers (N.A.I.F.A.). Three approaches will be utilized to determine the market value of this residence. The comparable sales, cost and income approaches are the viable alternatives in determining the fair value of a residence in the market place. All three of these approaches will be included in the value analysis of this property. These three approaches should provide a more accurate determination of value than the typical real estate agent's "windshield appraisal". Nevertheless, some subjective opinions of the appraiser must be inserted into the report; however, the final determination of value will be based on the outcomes of these three approaches.The value of propertymay best be described as the present worth of future benefits resulting from the ownership of the property. Value, which is constantly changing, is dependent on time, use and demand. For this reason the comparable sales, cost and income approaches are used to provide a check and balance indication of value.1.) The value to replace or reproduce a building less the loss in value caused by deterioration, functional obsolescence, and economic obsolescence, plus the value of the land.2.) The value by comparison to the selling prices similar to properties in comparable areas with adjustments for time, location, and conditions of sale.3.) The value in comparison to the economic rental of similar properties.