Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

A new standard for conducting highest and best use studies of income‐producing properties in the USA and the UK

A new standard for conducting highest and best use studies of income‐producing properties in the... Both the Appraisal Institute (AI) and the Royal Institute of Chartered Surveyors (RICS) consider a property’s use, the precursor of its value. Confusion arises for US appraisers and students alike in deciding how to conduct a highest and best use study because in the USA the AI’s dictionary definition does not match its textbook definition. In the UK, the RICS valuation manual includes several value definitions, each of which is based on use. However, little mention is made of the process of estimating use or its basis in market analysis. Outlines suggested revisions of the AI’s highest and best use definition and process together with comments on their potential application in the UK. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Valuation and Investment Emerald Publishing

A new standard for conducting highest and best use studies of income‐producing properties in the USA and the UK

Journal of Property Valuation and Investment , Volume 15 (5): 13 – Dec 1, 1997

Loading next page...
 
/lp/emerald-publishing/a-new-standard-for-conducting-highest-and-best-use-studies-of-income-Ju4CLFXGv3
Publisher
Emerald Publishing
Copyright
Copyright © 1997 MCB UP Ltd. All rights reserved.
ISSN
0960-2712
DOI
10.1108/14635789710189245
Publisher site
See Article on Publisher Site

Abstract

Both the Appraisal Institute (AI) and the Royal Institute of Chartered Surveyors (RICS) consider a property’s use, the precursor of its value. Confusion arises for US appraisers and students alike in deciding how to conduct a highest and best use study because in the USA the AI’s dictionary definition does not match its textbook definition. In the UK, the RICS valuation manual includes several value definitions, each of which is based on use. However, little mention is made of the process of estimating use or its basis in market analysis. Outlines suggested revisions of the AI’s highest and best use definition and process together with comments on their potential application in the UK.

Journal

Journal of Property Valuation and InvestmentEmerald Publishing

Published: Dec 1, 1997

Keywords: Market intelligence; United Kingdom; USA; Valuation

References