If your property is being appraised, here are some important factors that should be used when arriving at its appraised value:
- Measurements – of building and/or land
- Method of construction of any buildings
- State of repairs (if applicable)
- Age of buildings
- Reinstatement cost of buildings
- Area analysis (neighbors, general neighborhood, accessibility to utilities etc.)
- Compliance with zoning
- Existence of any mortgages and/or caveats
These and other factors must be assessed by an appraiser during a site visit, with the ultimate goal being to arrive at an objective appraised market value of the property in question.
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