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.
To learn more about how real estate appraisers help their clients, check out the Fact Sheets found on the Appraisal Institute’s website.