Jul 25, 2016 - 09:55 AM
Having said that, how a property is occupied, in and of itself, does not determine which approach(es) to value are appropriate. From a USPAP perspective, the question to be answered is whether or not the approach is necessary for credible assignment results.
An income approach may be applicable for an owner-occupied property if the property is viewed as income-producing in the marketplace. If there is no market as an income-producing property, a cost approach may not be applicable.