1. Inspection
2. Research
3. Estimation
4. Reporting
   

1. Inspection

The most important step is the on site home and lot inspection. It takes 15-30 minutes for a condo and 40 to 60 minutes for a home, depending on the size, features, floor plan, and conditions.

2. Research

• Cost Approach
  
  the Cost to Construct your home today on your lot using the same materials
  
  +

the estimated value of your lot vacant

- 

depreciation

• Direct Comparison Approach

A evaluation of what comparable homes selling are for in your neighborhood. Adjustments are made for such factors as: location, parking, landscaping, etc.

3. Final Estimate

The final estimate value is taken from the approach that is the most appropriate for your property and is supported by the most reliable, factual and relevant market data.


4. Your Report

Includes:

• estimate of value

• effective date of the appraisal

• certification and signature

• purpose of the appraisal

• qualifying conditions

• condition of the neighborhood

• identification of the property and its ownership

• interpretation of the data and the assumptions made

• other descriptive support material such as maps, plans, charts, photographs, etc.

Speak with Bill about appraising your home.

Differences between a legal appraisal and a home evaluation

Differences between the appraisal value and the market value

Reasons to get a legal appraisal