High Commercial Appraisal Rates – Reasons Behind It
If your are a property then you must know how commercial appraisers assess the value of their property. Usually they have questions pertaining to the expenses they spend in for the appraisal of their property and why it would take several weeks before an appraiser can finish the job at hand. If you want to know how appraisal process works then reading this article is a smart move.
The first thing that you need to learn is the laws governing the appraisers’ work and in the process of appraising properties. In the early 1900s there was an incident that paved for the government to tighten the rules and policies regarding real estate appraisals. The result is obvious the government is now cognizant with the credibility of the appraisers therefore requiring them to obtain a state license.
The laws implemented by the government created a more rigid appraisal standards for appraisal practices thereby allowing local licensing bodies to get affiliated with licensed appraisers. These changes clearly elevate the standards in the appraisal process. Understanding what those requirements are would surely enlighten those who are looking for commercial or residential appraisal services.
When looking for a commercial appraisal services what you are actually paying is the time and expert knowledge of appraisers. Most of the time, a common appraisal for a commercial establishment would take around 30 hours to 60 hours. If the report is in summary narrative form then more likely the time it takes to appraise a 7-unit apartment establishment is less time-consuming compared to a 14-unit building. The time to complete the appraisal of a 24,000 square foot industrial facility and a 12,000 square foot industrial plant is almost the same. You must know that appraisal fees are not entirely reliant on the property value and the market value of a certain property.
If the fees are not directly affected by the market value and property value, what are then the factors that affect it? There are only four things that can affect the appraisal rate, first is the intricacy of the project, the format of the report, data availability and the needed turn-around time.
1. Intricacy of the project – needless to say the more complex the project is the more the appraisers need to investigate the scope of the area. If a certain appraiser would take long in this project then you can expect to spend substantial amount of money for it. That’s just how it is after all the project is complicated more so if you have not found a credible commercial appraisal service provider to contact you can search for Edmonton commercial appraisal services. If you are looking for Edmonton residential appraisers it is also possible, you just need to look online.