Panorama Village Texas Real Estate Appraisals

This depends on how the flood zone affects usage of the property and whether or not there exist the likelihood for damage to structures from high water. For instance, if only the rear half of your lot is situated in a flood zone and there are no structures in the area that may be damaged or cut-off by flooding, then it will have less influence on your appraisal. On the other hand, if half your home and parts of your means of entry are in a FEMA flood hazard then it will have a strong unfavorable influence on your value. Each situation is unique and an appraiser will research the market to determine how floodplains impact comparable sales in the neighborhood.

Usually, highest & best use means the use that estimates the most profitable return on investment. For a highest and best use to be acceptable it must be lawfully permissible, physically possible, and adequately supported when all legal and possible alternatives are exhausted.

Given that no 2 houses are perfectly similar, property appraisers apply adjustments to hone in on your property’s sales price estimate based on comparable homes in your neighborhood. Assume there’s a recently sold house a couple of streets from yours with the exact number of bedrooms, bathrooms and living area, but it backs to a a greenbelt and has a closed sunroom. This action normalizes the sales prices of all comps properties when they are viewed against the Subject.