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For this reason, hard money lenders need to know the estimated market value (after-repair value) of the property after the planned renovations are completed. Cons of hard money loans.
If a property was damaged and repair failed to restore it to its original market value then said property has suffered diminished value. Unlike depreciation , which is an anticipated and predictable loss in value over time, ‘Inherent Diminished Value’ is a loss in value due to a specific, sudden and unexpected negative occurrence.
On the surface, real estate investing seems fairly straightforward. You buy a house, sit back and wait for the market to increase its value. Or you rent it out and wait for the rent checks to roll in.
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
Property investment calculator is a term used to define an application that provides fundamental financial analysis underpinning the purchase, ownership, management, rental and/or sale of real estate for profit. Property investment calculators are typically driven by mathematical finance models and converted into source code. Key concepts that ...
In order to file a claim to repair and replace your damaged property, you must document everything. You should: Take photos and videos of the damage to your property.
The estimation of diminution in value from a damage history, one must value the property assuming a credible repair and compare that with an estimate of value of the property in the same condition as after the repair, but under the hypothetical condition that it not have any damage history.
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
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