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Interview with Mustafa Süzal
Type, Function and Revenue of Real Estate
Mustafa SÜZAL - Real Estate Appraiser
- How do you make the valuation of a property?
The valuation of property or in other words an immovable property, is carried out using three different methods. The real estate appraiser should take into consideration the method which should be used, which method is the most appropriate for the appraised property, the type of the real estate being appraised, usage, function and and the criteria of income.
The most commonly used method is ’Equivalent Comparison Method’ an another type of valuation as in understood from it name, the real estate that is related to the income is made using ‘Income and Reduction Method’ and the valuation of real estate which is under construction is carried out by using ‘Cost Method’. The value of real estate arises from the interaction of the willing buyer and the willing seller in the market and depends on many variables. If the real estate is land, the position, zoning status, size, the direction of development in the region, the direction of the demands, the financial gain, while the criteria affecting the values of the real estate in buildings or houses, the building age, location, the general situation of the region, the physical structure of the building, the building license or the missing permission criteria, such as facts affects the value of these properties.
- What kind of expertise is needed?
In accordance with the International Valuation Standards (IVS), the person or organization that can evaluate real estate; The Real Estate Appraiser is the person who has the required quality, qualification and experience to do the appraisal. To work as an Appraiser in advanced all countries and Turkey, should have a license.
Who is a Real Estate Appraiser?
• They have received an appropriate education from an approved teaching center or an equivalent academic qualification,
• They have gained experience and skill to be able to make valuation in market and property category,
• They know, understand and use the accepted methods and required techniques for a reliable valuation,
• They are a member of a recognized national professional real estate appraisal agency,
• They are the person who follows a professional training program during their career and fulfills the requirements of this code of conduct.
written by Propertync Media
date : 05/16/2024 hour : 05:16 PM
