What is Highest and Best Use?
Highest and best use is a concept used in real estate appraisal to determine the most financially viable use of a property. It refers to the use that will generate the greatest economic return for the owner, given the property's physical and market characteristics.
When determining the highest and best use of a property, appraisers consider a variety of factors, including the location, physical characteristics of the property, and demand for similar properties in the market. They may also consider the zoning and land use regulations that apply to the property, as well as the potential for future development.
Highest and best use is an important consideration for property owners and investors, as it can impact the value and potential return on investment of a property. It is also an important consideration for developers and planners, as it can help inform decisions about how to best utilize a particular piece of land.
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