Improvement
Any structure or development permanently attached to land — buildings, garages, pools, paving, utilities. Appraisal separates the value of improvements from the underlying land, most explicitly in the cost approach.
Related Terms
Site Improvements
Improvements to the land itself rather than buildings — grading, driveways, walkways, landscaping, fencing, septic and well systems.
Cost Approach
A valuation method that estimates value by calculating the cost to reproduce or replace the improvements, subtracting accrued depreciation, and adding the land value.
Land Value
The market value of a parcel of land as if vacant and available for development to its highest and best use.
More in Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.