Property valuation, also known as real estate appraisal or land valuation, is the process of developing an opinion of value for real property. It is an assessment of a propertys value based on various factors such as location, condition, and amenities. The purpose of property valuation is to determine the market value of a property, which is the price that a property might be expected to sell for in an open market between a willing buyer and a willing seller with reasonable knowledge of the property.

There are several methods used to determine the value of a property, including:

• Sales comparison approach: This method compares the property being appraised to similar properties that have recently sold in the same area.

• Income approach: This method is used for income-producing properties and involves estimating the propertys future income and expenses to determine its value.

• Cost approach: This method estimates the cost of replacing the property if it were destroyed and then subtracts any depreciation to determine its value.

A property valuation is typically carried out by a professional surveyor who will take notes and photographs and then send a valuation report. Accurate property valuation is important to mortgage lenders, investors, insurers, and buyers and sellers of real property.