How to Understand the Different Values on Your Home
July 12, 2010 by Community Admin · Leave a Comment
1. Assessed value also know as property tax value
2. Cost or purchase price – what you paid
3. Insurance value is what your insurance representative says it should be insured for
4. Buyers valuation – what a buyer is willing to pay
5. Salvage value is what a property is worth sold in pieces
6. Use value – sometimes a property only has a high value for one type of use
7. Pricing value – what a seller may want
8. Replacement value – what it may cost to replace the property with a comparable one, if available
9. Reproduction value – what it would cost to duplicate from scratch
10. Sentimental value comes from the heart rather than the mind
11. Market value is the value I formulate. It occurs when a ready, willing, and able buyer purchases a home from a motivated but realistic seller. It is what I specialize in making happen.
