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Whether you’re looking to list a property for sale, procure investment analysis or obtain financing, you need an accurate estimation of your property in the Niagara real estate market. An appraisal is an independent estimate of the value of a specific real estate property. Despite the necessity of an appraisal, many people still have misconceptions about the importance of an appraisal. Today we will look at some basic misconceptions about commercial appraisals.
What is a commercial appraisal?
A commercial appraisal is an unbiased estimate of value based on specific data collected by a commercial appraiser. Commercial property real estate investments in Niagara outlines the types of properties that would be considered commercial.
Why get an appraisal?
Appraisals are important in all commercial transactions. If there is a lender involved, they will want to receive an unbiased, professional opinion of the property. This allows them to protect their equity. If you’re thinking of selling or purchasing a property, an appraisal can help you get an idea of the property’s value before talking to a realtor.
Is the inspection the full appraisal?
The inspection is only the beginning of the commercial appraisal. Your appraiser will need to conduct additional research, looking at zoning records, neighbourhood information, comparable sales, and any conditions that may affect the value of the property.
Who owns the appraisal?
The client who ordered the appraisal owns it. If there is a lender involved, the lender owns the appraisal. If you request the appraisal for non-lending purposes, the appraisal is yours.
What should I to look for when hiring an appraiser?
If you’re having a commercial property appraised, you will need a commercial appraiser. You’ll also want someone experience with similar property types (i.e. if you’re having an industrial property appraised, you don’t want someone who’s main experience is small retail properties). When investing in development in Niagara, you will want to select a Niagara real estate appraiser who is familiar with the area and the type of appraisal needed for your property.
