If your are a property then you must know how commercial appraisers assess the value of their property. The most common questions that they have in mind is that why commercial appraisal rates are high and why it would take some time before the appraiser can finish their work. The main purpose of this article is to help people understand the process by which commercial appraisers need to undergo and why the rates are high,
It is essential on your part to know the entire appraisal process and the laws that appraisers need to subscribe to in completing the process. The incident in early 1990s became the reason why laws regarding real estate appraisals become tight and very strict. The effect of the latter is the implementation of standardized licensing for all appraisers in several states as well as the insurance companies who have such services.
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. Needless to say the standards become so intricate which is one of the reasons why completing the entire process is time-consuming and difficult. If you want to know the entire commercial and residential appraisal process then you need to understand what those prerequisites are.
When looking for a commercial appraisal services what you are actually paying is the time and expert knowledge of appraisers. In appraising a typical property, this would usually take from 30 hours to 60 hours. In appraising sever units in an apartment building will usually take lesser time compared to a 14-unit building considering the report is in a summary narrative format. 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 appraisal fees are not affected by the latter, what are then the things that affect them? 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. This will then take longer period of time before the appraiser can finish and the fee will be higher as well. That is just one aspect that affects the appraisal time and rate more so if you are still in search for a reliable appraiser to deal with you can go for Edmonton commercial appraisal services. They have also Edmonton residential appraisers so you can also check it out.