Florida Real Estate

• Homeowners and real estate professionals alike would have to factor in property specifics to determine either free market value or replacement costs. The value of a home in Venice would be different that the same home in Key West. Free online home appraisal websites can ballpark a home's value.
  
  

Free Market Value

• The terms "free market value" and "appraised value" are often used by real estate agent, appraisers and banks. The current worth of real estate is determined by comparing similar properties which have sold during the same calendar year in the same geographic area. The original purchase price of a home or the cost of upgrades have no bearing on market value.
  
  

Replacement Costs

• Replacement costs are typically of concern to potential home buyers and homeowner insurance agents. The price it would cost to replace a particular piece of personal property or real estate is subject to the current cost of materials in the local area. If a patio is in poor repair, estimates would be needed to determine the price of restoring the patio to its original condition.