A commercial property appraisal should be done to determine the value of real estate when one is seeking to sell land or to use it as collateral for a loan. There are steps that an appraiser should take to make sure the assessment is done well and without bias. The report that is generated spells out a lot of the steps that have been taken and will give one a reasonable view of how much a piece of real estate will sell for if it was put on the open market. The report should include the following information.
The abilities and independence of the appraiser will want to be known by the potential lenders in most cases. The appraiser will usually start their reports with a listing of their qualification to do this kind of work and what associations and training they have they allows them to be considered an expert in this field. The appraiser should also not have any financial interest in the properties that would present any type of conflict of interest in how much a building might be worth.
Another segment will explain to the reader about the physical aspects of the real estate. Basic information such as the square footage of buildings and acreages of land will be disclosed. Other pertinent information would include how far the nearest highways are that could facilitate the movement of goods. This could be a very valuable asset to a company involved in manufacturing.
The value of real estate can be subjective when looking at it in isolation from other properties around it. The way to combat this subjectivity is to analyze similar properties in the surrounding areas and how much they have sold for in the recent past. Real estate values fluctuate over time and properties can sell for different amounts depending on what is going on the economy.
A good report will have a listing of the properties that was used in the comparison. This listing should explain the reasons why those properties were chosen in the analysis. The information can be extremely useful in setting a monetary figure on the land and building.
Sometimes disputes arise over the value that was given to a business owner. One way to win that dispute is to show that the other properties used were insufficient to assist in making the assessment. If an owner can show other properties that are more comparable to their establishment, they might be able to get their building reassessed for a different value.
Other important information can include whether or not the land is in a flood plain. This can affect the desirability of the lands and buildings and drive down values. Being in a flood plain adversely affects insurance costs and can make the mortgage more costly.
Knowing the value of a piece land can be important. A person may want to know how much they can sell it for. A commercial property appraisal can help a business owner set the right price.
You can visit the website www.bryantassetadvisors.com for more helpful information about How A Commercial Property Appraisal Can Look
Source: http://bestfinance1.com/a-commercial-property-appraisal-helps-determine-the-value-of-a-building
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