What term describes the value of a property based on its usefulness to an owner or investor?

The term that describes the value of a property based on its usefulness to an owner or investor is "Value in use." This concept focuses on the specific benefits that a property provides to a particular user, which may differ from its market value or what other investors might pay for it. For instance, a property might be particularly well-suited for a business operation, thereby increasing its utility to that business and affecting its value.

Understanding "Value in use" emphasizes the personal and unique considerations that a property may hold for an individual or organization, including factors such as location, functionality, and the potential for generating income or fulfilling other specific needs. This perspective is essential for investors and property owners to assess the true worth of a property beyond general market trends.