What is an appraisal?
An appraisal of property is an expert assessment of its value conducted by a licensed or certified appraiser. This process involves a thorough examination of various factors that contribute to the property's worth, such as its location, size, condition, comparable sales in the area, and any unique features it may possess.
Appraisals are commonly performed for both residential and commercial properties and are often required during real estate transactions, refinancing, or for insurance purposes. The primary objective of an appraisal is to determine the fair market value of the property, which is the price it would likely sell for in the current market conditions.
