Of all types of property such as vacant land, residential, shop houses, offices, hotels, condominiums, shopping centers, there was not the easiest to find the market value.
You want to know why? This he answers:
Must know the appropriate approach to get value. There are only three approaches, market data, cost and income approaches. Theoretically, we can use all these approaches, Seems easy, but difficult implementation. The key word here is whether the supporting data is available on the market? Well, this will affect valuation appropriate approach that is believed to result. Unfortunately the official institutions, the current data provider and research data in this country does not exist, even if there are very limited in number and very rarely published.
We as a valuer or appraiser must conduct a special research and always update the current data. This is the final solution so that the results more precise and satisfying job. So no choice, it takes a certain time to do data collection, analysis and calculations.
In conclusion, when data from a sufficient available property, property of any kind can be easily performed calculations and analysis, with a relatively short time.
The approach to common property types such as residential houses, shop houses, condominium, usually with the market data approach or cost approach. Type of Property which produces use income approach or sometimes use cost approach.
Another important step is to conduct an analysis of the data or assumed to represent the data, to find physical obsolescence and economic obsolescence and physical depreciation. Usually can be found directly or indirectly. When found by indirect methods require a more detailed analysis and make reasonable assumptions and in accordance with market perception. When it comes to market perception, the assumption is a matter of debate.
One more, other issue such as perceptions about the remaining economic life, not as good as fellow valuers as well as with community and government.