highest and best use of land
The Fifth Edition of The Dictionary of Real Estate Appraisal by the Appraisal Institute defines highest and best use as. The reasonably probable and legal use of vacant land or an.
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The vacant land may have more value for those wanting to build a new home in this great area.
. Consider residential buildings and development instead. Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible and in compliance. The use must comply with laws regulations and ordinances.
Whether the land is residential or farmland you have to recognize what the. Terms in this set 32 the highest and best use of a property must be one that is. Highest and best use is the reasonably probable use of property that results in the highest value.
Theres no doubt that the highest use of the land in economic terms is to slice and dice the land into lots for houses. The four criteria the highest and best use must meet are legal permissibility physical possibility financial feasibility and maximum productivity. This use must be legally permissible physically possible financially.
Highest and Best Use of Land as if Vacant The definition of highest and best use of land as if vacant requires appraisers evaluate the following four criteria. The Appraisal Institute defines highest and best use as follows. The study of Economics has.
The reasonably probable and legal use of vacant land or an improved property that is physically possible. Instead of commercial you can. The highest and best use is always one of the key factors you have to employ McGinnis says.
That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that. If it is determined the property is beyond repair the highest and best use may be to demolish it. The highest and best use of a specific parcel of land is not determined through subjective analysis by a property owner developer real estate agent or appraiser.
But is that the best use. If the highest and best use of your land isnt commercial use what else can you do with it. Alternatively the probable use.
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