- May 4, 2002
- Professional Status
- Certified Residential Appraiser
This one is new to me. I'm not sure how to approach itl. Older home on leased land. (1 acre) Land is leased year to year. The appraisal is for a succession. Any ideas or suggestions. Would this be an approach anyone would take. No comparables of homes on leased land available. Use sales in the area and deduct the value of the land in market approach. Use no value for land in cost approach. Determine cost of moving home within say 10 miles and use this cost as an adjustment for functional depreciation in cost approach and functional utility in market approach. Property rights appraised would be only fee simple or feesimple and leasehold????? Any help with this would be greatly appreciated.