Why Do People Avail the Services of Certified General Appraisal Firms?

Posted by EliteInternetTechnologies on July 19th, 2017

Real estate property appraisal is all about determining the actual market value of a property. The other common terms used for real estate appraisal are property valuation and land valuation. Often, the property appraisal report is used to determine the selling price of a property. There are various factors involved in the property appraisal, such as the property’s location, size, complexity, condition and so on.

A brief note on the appraisal process

The appraisal process starts with a thorough inspection, which is an essential part of the process. This inspection process may take hours, days, or weeks, depending on the size of the property. It helps the appraisers to evaluate the correct value of the property. Appraisers always adhere to a strict code of ethics and provide an unbiased opinion. To evaluate a property, the appraiser needs to have a license.

What is commercial property appraisal?

A commercial appraisal is ordered by clients who want to evaluate their commercial property. Only a Certified General Appraiser can conduct appraisals for this type of properties. The appraisers should receive correct details and information about the property, so they can prepare the appraisal report flawlessly. The appraisers also perform the verification of the provided information about the property to check its authenticity. It is important to mention that, if you are planning to sell your property, the report provided by the appraisers will be shared with the seller and local tax authority. The names of these people should be mentioned in the report.

There are generally three types of property appraisal reports:

• Self-contained report

• Restricted use report

• Summary report

The choice of the appraisal report depends on how you intend to use it. The commercial property appraiser can best guide you on which type of report to choose for your commercial property valuation.

Hire the services of certified general appraisal firms

For commercial property appraisal, it is best to hire the services of a certified appraisal firm. Only certified and experienced professionals can guarantee high quality services and accurate valuations. Commercial appraisal includes the valuation of land, office buildings, apartments and condominiums, shopping malls, stand-alone industrial buildings, mobile home parks, etc.

The primary approaches to value are:

• Cost

• Comparative market

• Income

Commercial property appraisal firms use these three basic approaches to evaluate a property and prepare the appraisal report. Apart from commercial and real estate appraisal, they also offer apartment building appraisal, business valuation, and litigation support. You may visit the websites www.irishappraisal.comof these notable appraisal firms to know more about their services.

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