highest and best use of land
Land value is a component of the highest and best use of a property. The highest and best use is always one of the key factors you have to employ McGinnis says.
Highest And Best Use Real Estate Exam Ninja
What does highest and best use mean.
. Whether the land is residential or farmland you have to recognize what the. 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. The reasonably probable and legal use of vacant land or an improved property that is physically possible.
In March of 2020 Fannie Mae issued another Appraiser Update and again discussed excess land. 1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable. The Appraisal Institute defines highest and best use as follows.
HB Use is defined as. The four tests of highest and best use are. Thats a pretty easy concept.
Highest and best use is a fundamental consideration in estimating land value. The first two tests are interchangeable in order and. Highest and best use can be defined as the.
This newsletter began by quoting a line out of USPAP that states. Two functions are served when an. When analyzing vacant land the amount of land and how it is zoned are two.
Also if you have some property that has. Above weve used highest and best use in the definitions of excess and surplus land. The four criteria that the highest and best use must.
Regardless of property type the approach to determine highest and best use is the same. That reasonably probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that. The highest and best use of that land might be retail or commercial.
I think everybody agrees with that. Instead of commercial you can. The reasonably probable use of property that results in the highest value.
If the highest and best use of your land isnt commercial use what else can you do with it. Consider residential buildings and development instead. HIGHEST AND BEST USE.
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