Property Valuation System
Studying Building Estimation and Costing helps us evaluate the value of the property according to its current market trends. The Value of a property is listed into various different categories such as;
- Market Value
- Book Value
- Capital Cost
- Capitalized Value
In this article, we are going to discuss different categories under which a property is evaluated that is Valuation is done.
Market Value
The market value of a property is the amount which can be obtained at any particular time from the open market if the property is put for sale. The market value will differ from time to time according to demand and supply.
The market value also changes from time to time for various miscellaneous reasons such as changes in industry, changes in fashions, means of transport, cost of materials and labour etc.