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A real estate appraisal is an unbiased estimate of the value of a property, prepared by a trained professional.
First, the appraiser inspects the property, to verify the features and size of the building — location, number of rooms, etc — and their condition. The inspection often includes a sketch of the layout.
The appraiser can use up to three different methods to determine the property value:
Market Comparison: value based on recent sales prices of similar properties.
Cost Approach: value based on the cost to replace the property, using current materials and methods.
Income Approach: value based on the projected income from a rental property.
Combining information from the different analyses, the appraiser estimates the final value of the property.
A form appraisal uses a specific form that may be required by a financial institution. A narrative appraisal is a comprehensive report that details the data, analysis, and reasoning used to arrive at the final property value. We can provide whatever report format you require.
Contact us to arrange for an appraisal or to get more information.
