VALUATION OF REAL ESTATE
Valuation of Real Estate
Valuation is an art of judgment based on experience and relevant statistical data to forecast the value of a property at present.
Cost, Price, and Value
Definition of Price
Price is the amount of money paid by the buyer to the seller in exchange for any product and service. The amount charged by the seller for a product is known as its price, which includes cost and the profit margin. For example- If you buy a product for Rs 250, then it is the price of that product.
Definition of Cost
Cost is the amount incurred on the inputs like land, labor, capital, enterprise, etc. for producing any product. It is the amount of money spent by the company in the manufacturing of a product.
For example- If a company manufactures shoes, then the expenses incurred on raw materials, salaries, rent, interest, taxes, duties, etc. determine the cost of the product….
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