An appraisal is an opinion of current market value provided by a trained, accredited professional. There are many reasons why you may need a professional appraisal of your property. Any decision regarding the value of real estate must be based upon an appraisal of some sort.
Reasons for an Appraisal
Here are just a few of the reasons for having your property professionally appraised:
To obtain the current value of a property you wish to buy, sell, or finance
Investment decisions
Application for a mortgage
Feasibility studies - completion value of a development
Preparing financial statements - capital gains taxation & estate planning
Disputing property tax assessments
Expert testimony in negotiation, arbitration or litigation
Establishing compensation in cases of expropriation
