Highest And Best Use Analysis Pdf

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The concept of highest and best use is one of the fundamental principles that underlie real estate appraisal. Highest and best use requires that the appraisal considers not just the current use of the property but also the potential value associated with alternative uses. The Appraisal Institute has four tests that appraisers can use in order to narrow down all of the alternatives to one highest and best use of the property.

Through all of this, we will help clients understand the nature of our appraisal or consulting assignments which may result in a reduction in their perceived need to lodge complaints. The AIC Consolidated Regulations are quite clear in outlining the two goals of our professional practice process. The first goal is to educate our members to prevent reoccurrence of situations that essentially motivate people to complain, and the second goal is to ensure procedural fairness throughout the complaint investigation and the disciplinary process.

How To Determine The Highest and Best Use of a Property

Highest and Best Use , or highest or best use HBU , is a concept that originated with early economists such as Irving Fisher , who conceptualized the idea of maximum productivity. In any case where the market value of real property is sought, that value must be based on its highest and best use. Highest and best use is always that use that would produce the highest value for a property, regardless of its actual current use. The reasonably probable and legal use of property, that is physically possible, appropriately supported, and financially feasible, and that results in the highest value. The Appraisal Institute defines highest and best use as follows:. The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.

For a comprehensive list of resources such as forms, announcements, lender letters, notices and more. If you have additional questions, Fannie Mae customers can visit Ask Poli to get information from other Fannie Mae published sources. Launch Ask Poli. Download Now. Fannie Mae will only purchase or securitize a mortgage that represents the highest and best use of the site as improved. Try Ask Poli. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more.

Newsletters , Real Estate Appraisers , Uncategorized. Click here to learn more. Am I a Subscriber? Spool, ASA. In any appraisal assignment the importance of identifying the appraisal problem will determine the scope of work. The highest and best use of the property is determined afterwards.

How To Determine The Highest and Best Use of a Property

However, little mention is made of the process of estimating use or its basis in market analysis. Scribner, D. Report bugs here. Please share your general feedback. You can join in the discussion by joining the community or logging in here. You can also find out more about Emerald Engage. Visit emeraldpublishing.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. Analysis highest and best use HBU is one method that can be used in optimizing the utilization of vacant land located in Area Kualanamu International Airport Deli Serdang Regency, Sumatera Utara Province, because there is vacant land that included broad and not yet well developed. The purpose of this study was conducted to identify the need for action is the potential to develop in the area of research, to achieve these targets used analysis toolscoring. Save to Library. Create Alert.

What are the requirements for the highest and best use of a property?

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Highest and best use

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Highest and best use

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1 Response
  1. Leiza J.

    Highest and Best Use Analysis. Site as though vacant. Ideal improvement. Property as improved. Land Value Opinion. Application of the Approaches to Value.

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