Property Valuation in Ethiopia
What is Property?
Anything that can be either tangible or intangible, and having legal title grants the ownership of certain enforceable rights. It may be classified as movable or Immovable, Tangible or intangible, and Current or Fixed asset. It covers a wide range of definitions and analyses under different categories.
What is Property Valuation?
The process of developing an opinion of value for real property (usually market value) can be defined as the act of estimating the value by a person or a company licensed to do such activity. Property valuation produced typically as a report with photographs and plans, and it may contain different details and valuation analysis to arrive at fair market value. Fair Market Value,the estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market.
Property value differs from the intrinsic value that an individual may place on the same asset based on their preferences and circumstances. Therefore, property valuation is the process of determining the Fair Market Value of an asset for the intended use as per the valuation purpose. In part II we will discuss the importance, purposes, and methods of Property valuation. Also, the issues of property management will be discussed in the next articles.
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