Whether you’re buying or investing in a property, real estate appraisals form a significant part of the whole process. An assessment answers the question, “how much is my property worth?”
Another reason for having an appraisal is to get financing from a lending company.
Regardless of the reasons for real estate appraisals, you need to be aware of the whole process involved in investment properties appraisal.
The appraisal process may sound complicated, but it’s pretty simple when you can get rid of any potential blockages on your way.
What’s involved in the investment properties appraisals
- Finding an appraiser
Like any other property appraisal, you’ll need to find an appraiser. He can be a licensed real estate agent who has experience in third-party appraisals.
Plus, he should not be in any way connected to both the seller or the buyer.
It’s one of the easiest ways to ease your appraisal process. This way, you can get a fair market value of your commercial or industrial property.
- Set appraisal date and request for pricing
Discuss the timing of the appraisal and the pricing for the same before settling on your chosen appraiser.
It’s important to prepare and budget appropriately.
You can also inquire of any extra updates that the appraiser should cover, some of which include after repair value (ARV) appraisals – these only come in after renovation of your property.
The appraiser will therefore have to consider the changes and compare them with properties matching the improved property.
And that’s basically the whole process.
Ready for real estate appraisals?
AAA Appraisals & Home Inspections, LLC is a licensed real estate appraiser serving Davison County and the surrounding areas. Seek a quote today, and we will give you an accurate valuation of your property.