What is a “building’s” true value?
Based on some industry specific options there are probably five main methods used to determine a “VALUE” for a building (shouse, home, shop, garage, shed, barn, church, school, office, barndominium, implement shed, storage unit, hangar, etc.) or property!
- You can compare values with other buildings recently sold or on the market to be sold.
- You can calculate past, present and potential future profits that can be derived from the use as a renter landlord, proprietor or operations owner. e. Rent/Lease revenue. Profits generated from a working business. Possibly even a prospecting value from an anticipated economic growth. As in FLIPPING a building. (Buy low, sell high!).
- Along similar lines to prospecting – your dream structure could be valued based on value added from a re-purposing of part or all of the building which would generate more interest in a purchase or use-for-profit.
- You could also calculate the actual COST to build or re-build it at either current rates, or at more realistic rates based on if a certified General Contractor would have built it. For DIY’s the cost of the labor or planning time is seldom included or accounted for – yet can add thousands of invaluable dollars to a TRUER value of your property/building.
- And again, like prospecting or “income generating” USE value, there is also the value of anticipated asset value growth given over a, generally, LONGER period of time… say 20-30 or more years. As in valuating for FUTURE bequeathing to children or grandchildren…
And then of course there are the intangibles that can really mess up a valuation – but carry a significant amount of reasons to “keep”, invest in or sell to a “like minded” person.
Things that readily come to mind of course are the memories created, especially in an older property. It can be play, home or even meaningful work memories. How does one put a “value” to those?
What about a building’s SAFETY factor? Possibly built with sometimes “bolder” principles of higher quality in materials like structural steel or concrete, fabricated and built by trained, certified and experienced skilled worker-builders?
Or even how a building is laid out in design, to be used for a specific purpose can add even more enrichment! The location of the kitchen? The living room? The bathrooms? The stairs? The basement. Even the closet spaces can give a building more appeal and inherently more “true” value.
Curb appeal can make a big difference too? Any watchers of HGTV will readily recognize how important this is to any purchase or sale… which therefore increases “sell-ability”!! Building roof pitch? Height? Breadth? Facades? Soffited? Lighting? Doors & windows? Can ALL add or even subtract from actual and perceived value!
So many things to ponder can also include how the buildings are designed and created as safer, secure, durable and more comfortable places to truly enjoy our lives, with less stressors that can inspire and protect our families, friends, neighbors to be and do ever greater things for our collective good!
- To happily work and make a good clean living.
- To enthusiastically play and have genuine fun.
- To peacefully rest and frequently rejuvenate.
- To be freely inspired in and think Bigger for greater impact in our world.
- To joyfully celebrate in and humbly count our Blessings.
- To fully heal, come back strong and better than ever.
- To comfortably overcome challenges and swiftly get back to normal.
- To safely grow and evolve to be stronger, faster, swifter and wiser.
- To imaginatively invent and make things better, faster, lighter, stronger…
- To openly create and advance our existence towards a happier world.
- To design. To dream. To rejoice. To Praise. To Love and be Loved in return!
… Just to name a few of the building uses that can add even MORE TRUE VALUE!
With a Trusted & Trained Building Advisor (TTBA), who has not only been coached and instructed, but who also brings with them a personal AND collective TEAM experience about the what, why, when, how and even wherewith regards to more serving building solutions, can go a long way to not only having a more stress free experience – but create inherent and enduring value for you and your future generations!