There are so many who ask, what is the basis on which the appraiser calculates the value of their houses or properties in India? What exactly are the factors that are considered and calculated by them for the calculation of the value of the house property? If you really want to know about it and take a deep glimpse into this topic, then you should read through this article. It will enlighten you about the question of what is the basis on which the appraisal is done for any particular type of property or house in India.
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Now, if we take a look at the subject of the house, then we would see that the question of how does an appraiser to arrive at the base price for the house is very important. This question can be asked in two different forms. In the first one, the buyer will also ask the seller of how much he would be ready to sell his house for. This question will help the seller to calculate the amount that he is willing to sell the house for in the market price. Similarly, the other kind of questioner will also ask the owner of the house what is the base price for the sale. So, both of these questions play a very important role in the process of the real estate business in India.
Usually, the real estate agents and the real estate businessmen calculate and settle the prices of their properties before they will introduce them in the market. This is done on the basis of the average sale price for each type of properties that they are going to sell. This average price is arrived upon after careful mathematical computations and estimation. This is the base price that is used by the buyers and the sellers in India. This is often called as the minimum price or the middle price.
What is the Basis on Which Appraiser Calculate the House Property?
There is no one person who determines the real estate base price. This price is determined by many factors including the condition of the property, the location and accessibility of the property, the demand of the people in the locality, the taxes, and a lot more. Therefore, there is no one single factor that is responsible for determining the prices of the properties. The different factors are then brought into consideration so that an average figure can be arrived upon.
The base price of a real estate usually depends on how it was measured. In other words, this price is also determined by the way the value was arrived at. For example, if there were two similar houses located at a distance apart, there is no use calculating the base price of the second house using the average price of the first house. Thus, the prices of the houses have to be determined using some other method. One such method is through estimating the current market price of the property using the data available. On the other hand, the real estate agents will have to determine the base price using the information they have.
This is why the real estate agents are usually better than the appraisers when it comes to what is the basis on which appraisers calculate the property. They know what the market price of the houses are and thus can arrive at an average figure for the property. Moreover, the fact that they are not paid by the seller is an important aspect.
This is because they are the ones who get to get the whole sum and therefore are entitled to get all the money that has been put up as a reserve for the reserve price. The fact that they have a certain percentage of the total which will come as the reserve makes them less liable to give the appraiser's any commission. When this is mentioned however, they will still calculate the value of the property using the bases that have been pre-determined by the owners themselves. These values can be based on various things depending on the condition of the building. This is one way of reducing the possible error of the calculation.
There are different methods on how to determine what is the basis on which an appraiser calculates the house property. Some of these include using the historical values of the area, using the statistical data available to them about the house properties in that area and so on. However, it all boils down to how reliable the information is. If there are no reliable statistics, the use of historical data will also be in vain. This is why it is important to use reliable sources and methods in order to make sure that you will get the best value of your house.
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