Effective Buildings Condition Assessment: A Part of Common Valuation Procedure or Self-Sufficient Agent

Kaarel Sahk

ERES from European Real Estate Society (ERES)

Abstract: Real estate appraisal as a procedure has a quite strongly and solidly built up activities for the all environment of the appraisal procedure. In this case, linked to the nature of edited standards presenting 4 component natures of properties, the considerable attention is addressed to the real estate. Exactly real estate is the phenomenon that incorporates into one integer the personal property, entrepreneurship and the financial interests. Motivating the grounding role of real estate is notional how the estate is constituted and in whish conditions is the essential part of it – buildings. Returning to the appraisal procedure is available to underline two similar and at the same time distinct interpretations of the buildings condition assessment. The first one is a part of the common appraisal operation whereby the appraiser is giving a short and presumptive statement about the conditions, that commonly is a result of walk trough survey and do not include the special engagement of civil engineers. It is an unsophisticated one, though therefore exist a number of special standards dedicated to the process management. The second approach of the building condition assessment is special procedure that is supporting the founding appraisal report or is provided for solving of the listed by the walk trough survey problems up till the independently formed report. This sort of report is based on the sophisticated activities arranged by civil engineers and includes the non-destructive and destructive investigation of the building and its components. The implemented examination of interested parties and the current legal situation raise a clear need for standardization of the buildings condition assessment that will insure the two channel assessment, a separate procedure and the procedures supporting the existing real estate appraisal function by linkage with the already established standards.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2013-01-01
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