Appraisal Benefits
What are the benefits of an appraisal? The most obvious answer is to gain an expert's opinion as to what the property is worth. Typically, the average consumer pays for an appraisal that is ordered by a lender for the purpose of securing financing. In this situation, the homeowner is notified of the final value estimated, but may never even see the finished appraisal report.
An appraisal is an in-depth report that can provide a wealth of information to both buyer and seller that goes well beyond just providing an estimate of what the property should sell for.
- Can point out the advantages and disadvantages of the surrounding neighborhood and even lists distances to shopping, schools, and work centers.
- Lists the zoning of the property commenting on whether current use conforms.
- Comments on construction type and quality, providing an estimate of what it would cost to reproduce the structure at today's prices. It is also common practice to list recent vacant land sales, so that an estimate of site value can be obtained.
- Provides detailed living area calculation, describing any design problems that could have a negative effect on value.
- Identifies areas of deferred maintenance, often estimating the cost to "cure" these items.
- Provides you with three or more recent comparable sales. Detailed information is included describing each sale's size, age, construction quality, and any special features that may have been included. Pictures are provided so that you can judge for yourself and make your own comparison.
The unbiased estimates of Market Value serve to protect the clients' interests. Appraisals are completed in conformity with the Uniform Standards of Professional Practice of the Appraisal Foundation and the Code of Ethics of the Appraisal Institute. Please contact us in regards to any questions.