| FAQ
1) Q: What constitutes a good appraisal?
A: It should be accurate and well written. The data used should
be current, be presented in a clear and concise manor, and
should be
applicable to the analysis at hand. As well, the conclusions
should be well thought out, and should be consistent with
information provided
within the body of the report. For example, if the property
is reported to be in poor condition in the report, this
should be reflected
in the final value estimate.
2) Q: How long does it take to write an appraisal?
A: Appraisals vary considerably depending upon the complexity of the
project being appraised, and could take anywhere from two days to
two months to complete. Typically, however, we look for a two to
five week turnaround time for most commercial projects.
3) Q: How much does an appraisal cost?
A: At the risk of sounding evasive, it must be stressed that there
are no set fees for appraisals. The assignments are simply too diverse.
For example, the fee for two identical office buildings may vary
significantly if a single tenant occupies one while the other has
multiple tenancies in place. For a free, no-hassle quote relating
specifically to your property, it is recommended that you contact
us directly.
4) Q: How do you determine the value of a property?
A: This also varies to some extent depending upon the nature of the
property. For example, vacant land is typically valued by way of
the Direct Comparison Approach by selecting other similar properties
and making pertinent adjustments to arrive an estimate of value
specific to the subject. On the other hand, a fully leased office
tower would be valued according to the income generating potential
of the project.
If you have any
other questions that do not appear here, please contact me directly
at gp@independentrealproperty.com, and I will do my best to answer
them for you.
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