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REAL ESTATE is the term used to refer to property – for example, houses, land, commercial buildings and apartments – and it is one of the principal investments undertaken by most families, even when we include the high-net-worth people who are no doubt reading this! This ongoing series written by Afra Raymond will discuss the real estate market in Trinidad & Tobago.
What you need to know
The estimation of market value must involve an analysis of………The MARKET! As such, the analysis involves consideration of the following factors:
- Purchase price of the subject property;
- Comparables (i.e. sales evidence of other properties; and
- Market trend (are property prices over time rising, stable or declining?)
One may have noticed this phenomenon in our Valuation Reports when the inferred value of a building is different than the reported insurance recommendation/replacement cost. This is because the replacement cost is determined by other factors unrelated to determinants of market value, and generally involves an analysis of cost estimates from various sources.
When reporting a market value (MV) of land and building, a single value is provided. The main reason for this is the simple fact that a building cannot be sold without the land. Another reason is that the sales evidence to which a Valuer would rely to determine MV do not distinguish between the price for land and the price for building.
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NB: Complaints regarding valuation opinions MUST be supported by evidence such as recent sales or rentals.