Given their nature and their considerable age, institutional buildings generally convey the origins and history of a community.
An institutional property is usually a single-use building that is designed for only one type of use.
The relative value of this type of property depends on its current status and prospects. In the case of a vacant building, value is also determined by its potential to be reused for the same or another purpose.
Given the high cost of renovating and maintaining these buildings for their original purpose, as well as the considerable changes in institutional needs over the years, it may be best to restore and convert buildings such as churches and schools to be used otherwise, while maintaining their historical style.
Our appraisers at HPDG can assist you in your efforts by valuating your project based on your plan.
- An adapted approach, based on whether the building is vacant or in use
- Identification of the property’s strengths and weaknesses
- Analysis of building’s functionality in terms of market expectations
- Analysis of the demand for the given type of property
- Assessment of the property market in the study area
- Survey and analysis of comparable building transactions
- Comparison and positioning of the property on the market
- Proof of estimated value based on facts and market indicators