No valuation can be understood without a framework of value theory. A brief summary from the "Appraisal of Real Estate" is as follows:
"Appraisers commonly think of value in three ways
- The current cost of reproducing a property less depreciation from all sources, that is deterioration, functional and economic obsolescence.
- The value the property's net earning power will support, based upon a capitalization of net income.
- The value indicated by recent sales of comparable properties in the market.
The three approaches - cost, income, and market date - are based on these three facts of value.
In the majority of assignments, the appraiser utilizes all three approaches. On ocassion he may believe the value indication from one approach will be more significant that from the other two, yet he will use all three as a check against each and to test his own judgement. Obviously there are appraisal problems in which they cannot all be applied. a value indication for vacant land cannot be obtained through the user of the cost approach, not one for a specialized property such as a municipal garden by the market data approach, nor but rarely for an owner-occupied home by the income approach. The use of all three approaches being pertinent in the solution of most appraisal problems, their application is well established in appraisal technique and held to be part of the fundamental procedure."
|Starting fee for a non-complex Residential property - 1004
|Condominium - 1073
|Exterior inspection - 2055
|Rent survey and operating income statement - 1007 and 216
|Complex residential in excess of $1,000,000
|Commercial / Industrial
|Ranch / Agricultural
If the appraisal is cancelled after the inspection has ceen completed half the appraisal fee will be charged. If the appraisal is cancelled 24 hours or prior to the inspection no fee will be charged.
Each appraisal will include:
- The appropriate form or narrative report
- Interior and exterior photos of the subject
- Exterior photos of comparable sales and listings
- Building sketch, including a detailed layout
- Tract map
- Location map
- Flood map
- Addendums (as necessary)