highest and best use of land

The first two tests are interchangeable in order and. Highest and best use can be defined as the reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported.

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The reasonable probable and legal use of vacant land or an improved property which is physically possible appropriately supported financially feasible and that results in the highest.

. Terms in this set 32 the highest and best use of a property must be one that is. The vacant land may have more value for those wanting to build a new home in this great area. Highest And Best Use Highest And Best Use The most probable legal use of a property based on market evidence as to the date of valuation expressed in an appraisers supported opinion.

Highest and Best Use is the likely use selected from a number of available choices to which an area of land or a building may be put based on what is physically possible and in compliance. To begin with a site needs to be physically large enough for the application. The highest and best use is always one of the key factors you have to employ McGinnis says.

The highest and best use is always one of the key factors you have to employ McGinnis says. Highest and best use analysis in commercial real estate allows investors to add value to a potential property through improving vacant land or a property. Whether the land is residential or farmland you have to recognize what the.

The highest and best use analysis concept is a form of real estate appraisal that considers not only the best use of the property but any potential use or gains that may come from future. Highest and best use is generally defined as the use of land or property that produces the highest value. The definition of highest and best use as taken from The Appraisal of Real Estate 13th Edition pages 277-278 and published by the Appraisal Institute is as follows.

The use must comply with laws regulations and ordinances. Highest and Best Use or highest or best use HBU is a concept that originated with early economists such as Irving Fisher 1867-1947 who conceptualized the idea of maximum. 1 legally permissible 2 physically possible 3 financially feasible and 4 most profitable.

What Are The 4 Tests Of Highest Best Use. Uses That Are Physically Possible. And while it may be that the highest and best use of a particular.

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. Instead of commercial you can. Alternatively highest and best use is that use from among reasonable probable and legal alternative uses found to be physically feasible and which results in the highest land value.

According to the local zoning and planning department typically at the county or city level what are you allowed to do with. Whether the land is residential or farmland you have to recognize what the. If the highest and best use of your land isnt commercial use what else can you do with it.

The four tests of highest and best use are. Consider residential buildings and development instead. If it is determined the property is beyond repair the highest and best use may be to demolish it.

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