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High Commercial Appraisal Rates – Reasons Behind It
A number of people are not aware on the process that commercial appraisers need to undergo in assessing the right market 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. In this article, the main reasons why such things happen is explained and hopefully property owners will be enlightened.
The first thing that you need to learn is the laws governing the appraisers’ work and in the process of appraising properties. In the early 1900s there was an incident that paved for the government to tighten the rules and policies regarding real estate appraisals. With the information at hand one of the laws imposed by the government is a necessity for the appraisers and the insurance companies related to such to be licensed.
With new laws implemented regarding appraisal standards licensed appraisers are now oblige to affiliate in a state appraiser licensing agencies. 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. Typical appraisal time would approximately last 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.
In other words, what are the factors that affect the appraisal rates? Here are the 4 factors that greatly affect the appraisal rates: report format, accessibility of the data, intricacy of the project and the needed turn-around time.
1. How complicated the property – If the assigned project is complicated then more likely appraisers will have a hard time investigating 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. With the advent on internet you can surely find Edmonton residential appraisers and other services they offer.
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