This approach figures out how much a property is worth. It looks at recent sales of similar properties nearby. This gives a good measure for fair deals. It helps buyers and sellers understand the current market and compare sales data.
This estimate is useful for landlords and investors. It looks at how much rent the property could bring in. This helps property owners make good choices. It can increase their profits in the fast-changing rental market.
Insurance valuation approach figures out how much it would cost to rebuild a property if it was damaged. This is key for deciding on insurance coverage. It makes sure property owners are fully covered. By looking at the cost of rebuilding, it helps manage risks and protect the investment against unexpected events.