Assessment of Present Market Value of Under Construction Property (House/Apartments/Malls/Others)
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The property valuation methods and property valuation process depends on the location of the property, the quality of construction, maintenance of the property, proximity to major infrastructure developments and more. Safety and security of the apartment is another factor which is closely looked upon in the present times. A property located in or near the riot prone area has lower rates, even if it is in the best of location and filled with all the modern conveniences and amenities. Good connectivity of the property with the bus depot, railway station and airport adds the face value of the apartment or house
An incomplete building is one where construction has started as but no occupancy permit issued. Until recently, BC Assessments has primarily used the Cost Approach, whereby they take land value and add development costs in place to obtain the total assessed value. The land and building value are allocated values based upon the percentage of the Gross buildable area of each type of use (Generally commercial, residential).
A building that is almost complete has been valued by the Residual Approach, whereby the retail value of the residential and commercial space is determined and the cost to complete deducted. Land value is determined based upon GBA %.
Building value may be valued as a proportion of GBA or based upon the value of each component.