✔ The current state of the real estate market, including supply and demand, economic conditions, and trends in property values, can significantly impact a property’s valuation.

✔ The location of the property is a critical factor. Proximity to amenities, infrastructure, schools, public transportation, and the overall desirability of the area can affect its value.

✔ The physical attributes of the property, such as its size, layout, age, condition, and the quality of construction materials, are important considerations in valuation.

✔ Valuers often compare the property to similar properties (comparable) that have recently been sold in the same or similar areas. This helps establish a benchmark for the property’s value.

✔ For commercial or rental properties, the potential income generated by the property is a key factor in its valuation. This is commonly used in the income approach to valuation.

✔ The cost to replace or reproduce the property with a similar one, considering current construction costs and materials, is another approach to property valuation.

✔ Zoning laws, restrictions, and legal encumbrances can affect a property’s value and are taken into account during the valuation process.