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Comparable Sales

Each property sale is unique so it might be difficult to find comparable sales data for your client's home or business property. To get the right mix of comparable sales you may need to search outside of the regular sales lists.

Making the Most of Property Assessors Offices - Florida

Making the most of property assessors offices in Florida will require the office to assess the market value of a property. This value is then multiplied by the tax rate to determine the actual tax that the owner must pay on the property each year.

Making the Most of Property Assessors Offices - Kentucky

Making the most of property assessors offices in Kentucky will require the office to assess the market value of a property. This value is then multiplied by the tax rate to determine the actual tax that the owner must pay on the property each year.

Making the Most of Property Assessors Offices - Pennsylvania

Making the most of property assessors offices in Pennsylvania will require the office to assess the market value of a property. This value is then multiplied by the tax rate to determine the actual tax that the owner must pay on the property each year.

Making the Most of Property Assessors Offices - Louisiana

Making the most of property assessors offices in Louisiana will require the office to assess the market value of a property. This value is then multiplied by the tax rate to determine the actual tax that the owner must pay on the property each year.

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Property Assessors Offices - Alabama Education and Training

Training to work in property assessors offices in Alabama will teach you how to appraise personal and real and personal property in order to estimate its fair market value. Property assessors may also assess property for the purpose of setting property taxes in accordance with a prescribed schedule.

Property Assessors Offices - Tennessee Education and Training

Property assessors offices in Tennessee education and training will teach you how to appraise personal and real and personal property in order to estimate its fair market value. Property assessors may also assess property for the purpose of setting property taxes in accordance with a prescribed schedule.

Property Assessors Offices - Montana Education and Training

Property assessors offices in Montana education and training will teach you how to appraise personal and real and personal property in order to estimate its fair market value. Property assessors offices for Montana may also assess property for the purpose of setting property taxes in accordance with a prescribed schedule.

Property Assessors Offices - Colorado Education and Training

Colorado property assessors, or appraisers, are licensed experts who assess the fair market value of real property in order to determine the local property taxes the owners pay each year based upon the applicable formula for the state of Colorado and county of residence. Typically an individual assessor specializes in assessing the value of either residential or commercial property.

Real Estate Appraisal Key Terms

Real estate appraisals are complex calculations to determine the value of a piece of property. There are various types of appraisal services which have different effects on the property owner.

Property Assessors Offices - West Virginia Key Terms

Property assessments determine how much property owners, whether on a personal or business level, owe in property taxes each year. Assessments determine the value of specific property and then determine a tax amount based upon a formulated tax rate system.

Property Assessors Offices - Georgia Laws and Regulations

Georgia property assessors offices laws and regulations deal with property taxes that are based on the estimated value of real property. The fair market value is the most common standard of value used in Georgia, although there are other standards, such as the foreclosure value or distressed sale value.

GeoWarehouse

GeoWarehouse is a web-based centralized property information source that provides mapping & research tools, as well as professional appraisal reports.

www.geowarehouse.ca

Real Estate Appraisal Business Guide: Understanding the Value of Your Commercial Property


If you are an investor considering buying a commercial real estate, you must know as much about a piece of property as you possibly can. One essential piece of information you must know is the value of the property. You can get this information by having an appraisal conducted on the property. A commercial real estate appraisal is typically performed by a trained expert who will look at several factors to determine how much a commercial property is worth.

 

Investors use appraisals to determine if the property is worth the purchase price. An appraisal is also necessary for insurance purposes as well as for property taxes. Typically, a commercial property insurer will want the value of the property confirmed before issuing a policy. Banks issuing loans will also generally want to know how much the property is worth.

 

Benefits

 

Appraisals work best in situations where an investor is purchasing a property for potential resale or rental income. Knowing the value of the property can help an investor determine how much to invest in renovations if he or she is planning to flip the property. If he or she wants to use it for rental income, knowing the property’s worth can make determining rental rates easier.

 

Appraisals Save Money

 

The person selling the commercial property is most likely trying to get as much money as possible for it. This may involve asking more than the property’s worth. Knowing the true value of a piece of real estate can prevent you from overpaying on the property itself as well as on the interest you will be charged on the bank loan. Additionally, your property taxes are based on the value of the property. Therefore, it helps to ensure this number is accurate.

 

Get the True Resale Value

 

If you are the one reselling the property, having an appraisal ensures that you get what the property is worth. According to Bloomberg, properties increased 6.3% in May of 2011. Property values change over time. If there have been significant developments in the community since you purchased the property, it may be worth much more than what you have paid. Having this information puts you in a better negotiating position.

 

Identify Areas That Require Maintenance

 

An appraiser does a full inspection of the property as part of the process of determining its worth. He or she can identify areas of the building that require attention. As a buyer, you may need to invest money into making these repairs once you own the property. However, you can use this information as a bargaining chip for reducing the overall price.

 

Insurance Purposes

 

Almost all insurance companies will want to know the value of the property they are insuring. Additionally, having your commercial property appraised can help settle insurance claims, should something happens to the building.

 

Pitfalls

 

Cost

 

Appraisals add an additional cost to the purchase of the property. This needs to be factored in as part of the total price of the investment.

 

Possibility of Low Valuation

 

Although the real estate market tends to be stable, there are times when values fluctuate. The appraiser looks at the values of surrounding buildings as well as the community as a whole when considering how much to appraise for your commercial property. If there are factors that negatively affect property values in the area, this can result in low valuation. This, in turn, can hurt your chances of getting a good price if you are selling.

 

Appraiser Mistakes

 

Appraisers sometimes make mistakes that can lead to financial consequences for you. This includes forgetting to include some parts of a building in the total square footage as well as overestimating the value of surrounding properties. These types of mistakes can make it more difficult to get a loan for the full amount you need to purchase or cause you to overpay for the property.

 

Pricing

 

The cost of a commercial real estate appraisal will vary from region to region and between companies. Some appraisers will also charge according to how much work is done. For example, they may charge one price for a basic report but charge another for a report that includes pictures, zoning research, and other services.

 

An appraisal for a commercial property can range from $500 to over $3,500 depending on the type of property appraised and the report ordered. Since an appraiser can end up saving you money by appraising the property at the right price, the cost is oftentimes justified.

 

Investing in an appraisal for your commercial real estate property can save you time and money. If you are a buyer looking for a piece of property to invest in, you can put yourself in a better position to negotiate if you know the true value of a piece of property. Additionally, it will also make it easier to price rental space as well as help ensure you are not paying more taxes than you actually owe.