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What is the interrelationship between utility and highest and best use?
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∙ 6y ago
Property Utility - is the current use and functionality (function, service, value, efficiency, practical usefulness) of a property. If the property use is optimised, the property is said to have a higher functional utility and when it is underutilised the property is said to have a functional utility lower than comparable market value.
It may occur that a reduction of a property's utility or value has advanced to such an extent that it is no longer capable of an economically viable use in its current state, e.g. a collapsed building or a commercial building that has become isolated due to lack of access brought about by road changes.
Given the highest and best use is applied as productively as possible within the given potential and constraints of the property, the property utility would be optimised (used to its highest capability) and therefore the property would be optimised in use and value.
The interrelationship between the 2 concepts of the highest and best use and the property utility is the question of: Does the property provide reasonable use for a particular value (the property's current functional utility) or would one find/appraise a higher and better use for the property?
Brenden McClure
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Explain the interrelationship between property utility and highest and best use?
The interrelationship between the 2 concepts " property utility" and :highest and best use" is simply to attain the highest and best use of a property, the appropriate property utility factors must be taken into consideration. The property must be appropriately supported and financially feasible.
What is the Interrelationship between utility and best use?
Property utility and highest and best use are both concepts in real estate and property valuation, and they are interconnected in the sense that the highest and best use of a property is closely related to its usefulness or satisfaction that a property provides to its owner or user.
What is the Best synonym for the economic term utility?
benefit
The utility of real estate is?
Utility can be classsified as "what its use is" or what it is used for or functions as. For instance a property can be "residential or commerical". Owner occupied or non-owner occupied.. etc..... The highest and best use of the property usually brings a higher value on an appraisal verses a property being used for a lesser "utility"....Like a commercial building being used for a primary residence would not be as good as a commerical building being used as a beauty salon or other type of business. So the "utility" of a "dairy farm" ....would be dairy.. if a property is used for other than what it was built for it can have "functional obsolence" which could have an impact on its value.
How can one get a job in Utility Board Supply?
The best way to find out about a job in Utility Board Supply would be to contact them directly and ask them about job vacancies and methods of application.
Explain the interrelationship between property utility and highest and best use?
The interrelationship between the 2 concepts " property utility" and :highest and best use" is simply to attain the highest and best use of a property, the appropriate property utility factors must be taken into consideration. The property must be appropriately supported and financially feasible.
What is the Interrelationship between utility and best use?
Property utility and highest and best use are both concepts in real estate and property valuation, and they are interconnected in the sense that the highest and best use of a property is closely related to its usefulness or satisfaction that a property provides to its owner or user.
What is the interrelationship between Property Utility and highest and best use?
Property Utility - is the current use and functionality (function, service, value, efficiency, practical usefulness) of a property. If the property use is optimised, the property is said to have a higher functional utility and when it is underutilised the property is said to have a functional utility lower than comparable market value.It may occur that a reduction of a property's utility or value has advanced to such an extent that it is no longer capable of an economically viable use in its current state, e.g. a collapsed building or a commercial building that has become isolated due to lack of access brought about by road changes.Given the highest and best use is applied as productively as possible within the given potential and constraints of the property, the property utility would be optimised (used to its highest capability) and therefore the property would be optimised in use and value.The interrelationship between the 2 concepts of the highest and best use and the property utility is the question of: Does the property provide reasonable use for a particular value (the property's current functional utility) or would one find/appraise a higher and better use for the property?
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What is the best synonym for the economic term for utility?
benefit
Is the best synonym for the economic term utility?
benefit
What is the Best synonym for the economic term utility?
benefit
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