How to prepare building valuation report?
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1. Gather relevant information: Start by gathering all the necessary documents and information related to the building, such as construction costs, land ownership records, maintenance costs, depreciation schedules, local zoning laws, and similar items.
2. Calculate replacement costs: Determine what it would cost to replace the building with one of comparable quality and size using current material and labor costs.
3. Calculate depreciation: Calculate the amount of money that has been lost due to the building aging over time.
4. Consider local market values: Compare the building’s current value with similar buildings in the local market.
5. Write a report: Summarize the information gathered and include any calculations made. Present the valuation of the building along with a description of why the figure was chosen.