When considering appraisers, many people initially might think only of residential properties. However, valuation professionals can offer a broad range of services to both commercial and residential real estate clients.
Here are four reasons to consider hiring an appraiser:
- Help determine loan amounts. One of the key steps in getting a mortgage on a property is to have an appraisal performed so the lender can provide a loan to the buyer.
- Receive input on non-lending situations. Appraisers can assist their clients in non-financing situations, including due diligence issues. Qualified appraisers can help identify demand for certain property types, price points and absorption rates.
- Dispute resolution. Clients often hire appraisers to resolve insurance disputes over the value of a claim. Qualified appraisers can help solve a variety of disputes, including real estate related to a divorce proceeding, estate settlements, property partition suits, foreclosures and zoning issues.
- Prioritize home improvements. Appraisers with specific market knowledge can recommend which renovations might generate a return on investment. Home improvements can increase the value of the property, and qualified valuation professionals can help clients determine which projects likely will align with neighborhood norms.