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Home Valuation Guide Philippines

Home Valuation Guide Philippines

Philippines endorsed the IVSC estimation benchmark for computation and estimation of real estate property under the conditions of the Philippines system. Real estate identifiers use it as a standard for valuing land based properties.

routinely used practices under this frame of reference are :
Sales Comparison method : in this method thevaluator examines data with reference to the recently sold houses in that proximity to use that info as a benchmark. The evaluator uses the data to find value patterns and trends in the market. The reviewer also gathers data about other buyer profiles,span of time on the market, number of similar indexed properties available during this time. These value are used by the agent to appraise a market estimate. It is one of the most popular approaches to real estate market valuation. And it holds good for residential properties.Thisprocedure is usable to all forms of real property. However it is not sound for commercial properties & it does not hold sound when market is shaky and there is insufficient market transactions.

Cost Approach : In this practice a buyer of a real estate should not pay further for a property than the cost of substituting it with an similar property less the applicable depreciation.Three methods are used practically in this method.They are:

Reproduction cost method : This method is apt when the cost of a latest alike asset is more than the cost of making a clone of the subject asset,
Replacement cost method: it includes assessing the price that a market player would pay and the exchange cost is altered for physical decline and all appropriate forms of degradation.
Summation method : Mainly used for investment companies, the steps involves evaluating each of the elementary assets and summing the value to find the main asset value.

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