High Commercial Appraisal Rates – Reasons Behind It
The complete appraisal of one’s property is something that land owners or property owners need to understand thoroughly. Usually they have questions pertaining to the expenses they spend in for the appraisal of their property and why it would take several weeks before an appraiser can finish the job at hand. In this article, the main reasons why such things happen is explained and hopefully property owners will be enlightened.
First things first, you need to understand the policies and laws the affect the process of appraising a certain property. In the early 1900s there was an incident that paved for the government to tighten the rules and policies regarding real estate appraisals. The effect of the latter is the implementation of standardized licensing for all appraisers in several states as well as the insurance companies who have such services.
The laws implemented by the government created a more rigid appraisal standards for appraisal practices thereby allowing local licensing bodies to get affiliated with licensed appraisers. Needless to say the standards become so intricate which is one of the reasons why completing the entire process is time-consuming and difficult. Understanding what those requirements are would surely enlighten those who are looking for commercial or residential appraisal services.
When hiring the services of an appraiser what you are paying is their knowledge in this area and the time they allot in doing so. In appraising a typical property, this would usually take from 30 hours to 60 hours. If the report is in summary narrative form then more likely the time it takes to appraise a 7-unit apartment establishment is less time-consuming compared to a 14-unit building. 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. With that being said, the value of property and the market value has little thing to do with the appraisal fee of a certain building.
If appraisal fees are not affected by the latter, what are then the things that affect them? There are only four things that can affect the appraisal rate, first is the intricacy of the project, the format of the report, data availability 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. The longer the time it takes to finish the entire appraisal process then you can expect for a higher price to pay. That’s just how it is after all the project is complicated more so if you have not found a credible commercial appraisal service provider to contact you can search for Edmonton commercial appraisal services. With the advent on internet you can surely find Edmonton residential appraisers and other services they offer.