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http://dx.doi.org/10.7319/kogsis.2015.23.4.035

Method to Objectify Individual Factors of GIS-based Real Estate Appraisal  

Kim, Tae Woo (Civil Eng., Pusan National University)
Kang, In Joon (Civil Eng., Pusan National University)
Park, Dong Hyun (Korea Institute of Civil Engineering and Building Technology)
Hwang, Dae (Civil Eng., Pusan National University)
Publication Information
Journal of Korean Society for Geospatial Information Science / v.23, no.4, 2015 , pp. 35-41 More about this Journal
Abstract
Real estate appraisal methods include profit-based, cost-based and comparison-based measures. The purpose of this study is to scientifically quantify the comparison-based method mostly utilized in valuating real estate property among the appraisal methods. The comparison method is to estimate the value of target property from other previously-traded property cases by comparing and adjusting their temporal gap, spatial gap and space-time gap. In appraisal practices, this comparison method is used generally for land property. If based on previous transactions; prices, time point of transaction, region and individual factors were analyzed to valuate. If based on official land values; official value, time point, region and individual factors are analyzed. Of these, the individual factors are an important process of comparing individual characteristics where real estate appraisers' subjective assessment could intervene. Though appraisers, as experts make generally precise assessment, still, it is a subjective judgment open to difference between appraisers themselves, causing disputes from time to time. In this recognition, the study seeks to quantify such a subjective assessment of appraisers by running GIS analysis on individual factor components including street condition, access condition;and plotting condition.
Keywords
Appraisal; Individual Factor; GIS; Objective Appraisal;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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