A property appraisal is the process of determining the value of a property. It is used for a variety of purposes, including obtaining a mortgage, selling a property, calculating property taxes, and insurance claims.
Whether you’re getting ready to buy or sell, in the middle of it, or just looking for some answers, you want top-notch skills to ensure you get the best experience possible.
“The appraiser will view the property and gather information about its condition, size, location, and amenities from a ground-level walk around,” said Shawn Vanderhart of Vanderhart Appraisals. “The appraiser will research recent sales of comparable properties in the area and all pertinent information needed to provide a quality, understandable, clear report.”
Vanderhart says the appraiser will use the information gathered in the viewing and research to determine the property’s fair market value.
The appraiser will then prepare a report that documents their findings and conclusions. The report will be used by the lender, buyer, seller, or other intended party to make a decision about the property.
“The location of the property is one of the most important factors in determining its value,” said Vanderhart. “Properties in desirable locations will typically be worth more than properties in less desirable locations.”
The condition of the property also plays a role in its value. Properties that are in good condition will typically be worth more than properties that are in poor condition.
“The size of the property is also a factor in its value. Larger properties will typically be worth more than smaller properties,” said Vanderhart.
The amenities that are included with the property can also affect its value. Properties with pools, tennis courts, or other amenities will typically be worth more than properties without these amenities.
The appraiser will also consider current market trends when determining the value of a property, according to Vanderhart.
If the market is hot, as we have seen here in Florida, properties will typically sell for more than they would if the market is cold.
The appraisal process can be complex and time-consuming.
“Make sure the appraiser is familiar with the type of property you are having appraised,” said Vanderhart. “For example, if you are having a 1-4 unit property appraised, you will want to make sure the appraiser has experience appraising such properties.”
Vanderhart also suggests that you ask the appraiser how long they will need to complete the appraisal.
Appraisals can take anywhere from a few days to a few weeks, so it is important to find an appraiser who can meet your deadline.
Inquire about the appraiser’s fees. Appraisal fees vary depending on the size and complexity of the property, so it is important to get an estimate from the appraiser before you hire them.
Shawn Vanderhart is a state-certified residential real estate appraiser RD7167 and has been a real estate appraiser for nearly 20 years. He is FHA certified for one to four units and specializes in complex properties. Shawn can be reached at 813-406-0814 or by visiting vanderhartappraisals.com.
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