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The importance of property valuation
For this discussion consider why valuation is necessary and identify specific instances where accurate valuation is important.
Q3: Valuation methods
The focus of this unit has been the importance of accurate valuation in the property market and the factors that will affect the value of a property, including its location, zoning, utility, and condition. In addition to this, you have been introduced to the three primary methods of property valuation. These methods are the cost, income, and sales-comparison approaches to property valuation. However, there is an additional method that a valuer may choose to utilise when conducting research. This valuation approach is called the residual method.
For the purposes of this discussion, you will need to conduct independent research into the residual valuation approach. To prompt your research read the following article which will give a basic explanation of the residual approach. Residual Method of Valuation for Land, Property & Development Appraisals.
Having read the article and having conducted your own additional research into the four methods of valuation, join your small group to discuss the following questions: A) What are the strengths and weaknesses of the residual method of valuation? B) Based on your research and the content of the notes, which valuation method would be most suitable for the site you have identified for the ongoing project? C) Having chosen the most effective method for valuing your site, what additional factors will need to be considered by the valuer that the valuation method will not account for?

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