Castle Appraisal Services Plus
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Castle Appraisal Services Plus
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What is an Appraisal?
An appraisal is a valuation of property by the estimate of an authorized person. This opinion or estimate is arrived through a formal process. There are three ''common approaches to estimating value''. Cost Approach - which is what it would cost to replace the improvements, less physical deterioration and other factors, plus the land value. Secondly, Sales Comparison Approach - which involves making a comparison to other similar, nearby properties which have recently sold. Sales Comparison Approach is normally the most accurate and best indicator of value for a residential property. Lastly, Income Approach, which is of most importance in appraising income producing properties - it involves estimating what an investor would pay based on the income produced by the property. |
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