Commercial real estate appraisals are a lot more complicated than home inspections and residential appraisals. If you want to learn more about the process, it’s usually best to start inquiring at the source, and asking questions from the appraiser him/herself:
- What criteria will you use to evaluate the building? While most appraisers will not give extensive details on their methods for carrying out their work, some will be open to tell you at least the basics of how the appraisal process work and what you should expect.
- What are the different approaches that appraisers use? Not all appraisers are the same, and while some still use the cost approach, which is not very popular nowadays, there are many others who have adapted to methods such as sales comparison and income capitalization.
- How long should the appraisal process take? In most cases, the period of appraisal will not be clear from the start, since the appraiser won’t have all the facts yet. But they can still give you a rough estimate on the required time in some instances.
A commercial real estate appraisal can be quite extensive and costly, but in most cases it will be well worth it. Aside from providing you with invaluable information about your property, it will also help you out a lot with your taxes or in the event that you’d want to choose to sell your property for profit. You can also learn more, with reviewing the newest commercial appraisal report writing software tools that have become more valuable to a commercial real estate appraiser.
Article Source here: The Main Questions to Ask a Commercial Real Estate Appraiser
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