Three Approaches to Value

Not every appraisal calls for the same method. Richard Weiler selects the approach — or combination of approaches — based on the property and the reason behind the appraisal. Here's which one typically applies to your situation.

Looking for a general explanation of how appraisals work? See What Is a Property Appraisal?

Sales Comparison Approach

Best for: Divorce, Date of Death, Pre-Listing, Most Residential Appraisals

This is the method behind most of Richard's non-lender work. It bases value on what comparable properties nearby have actually sold for, adjusted for differences in size, condition, and amenities. For situations like dividing assets in a divorce or settling an estate, this approach gives all parties a fair, defensible number grounded in real recent sales — not guesswork.

Cost Approach

Best for: FEMA 50% Rule, Land Appraisals, Unique or Special-Use Properties

This approach asks what it would cost to rebuild the structure today, minus depreciation. It's especially relevant for FEMA 50% Rule determinations, where the cost to repair or rebuild is compared directly against the structure's value, and for land or special-purpose properties where there's no straightforward set of comparable sales to lean on.

Income Approach

Best for: Rental Properties, Foreclosure Situations Involving Income Property

Some properties are valued based on what they earn, not just what they'd sell for — apartment buildings, non-owner-occupied homes, duplexes, and similar income-producing real estate. This approach becomes especially relevant in foreclosure cases involving rental property, where the income history plays directly into an accurate valuation.

In many cases, more than one approach comes into play, and Richard reconciles them into a single, well-supported opinion of value — whichever combination fits your specific property and purpose.

Not Sure Which Approach Applies to Your Property?

Tell Richard what you need the appraisal for, and he'll tell you exactly how he'll get there. No lender required.

Call (727) 331-0829

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At City Wide Appraisal Group, we're committed to providing accurate, reliable, and professional property appraisal services. Whether you need a home valuation, land appraisal, or a specialized appraisal report, we're here to help you make informed decisions with confidence.