Different Home Value

Following is a list of the different types of home values that can be used when analyzing a properties value, along with a brief description of each.

  • Assessed value. This value is also known as, the more familiar term of, tax value
  • Cost or purchase price. What you paid for the property
  • Insurance value. What the insurance representative says the property should be insured for
  • Buyers valuation. What a buyer is willing to pay for the property
  • Salvage value. What a property is worth sold in pieces
  • Use value. There are times a property only has a high value for one type/particular type of use
  • Pricing value. What a seller may want
  • Replacement value. What it may cost to replace the property with a comparable property, if available
  • Reproduction value. What it would cost to duplicate the property from scratch
  • Sentimental value. This is a value based more upon emotion (from the heart, rather than from the mind)
  • Market value. The value formulated. This occurs when a ready, willing, and able buyer purchases a home from a motivated , but realistic seller