Thinking of selling your home? Getting a paid for appraisal might be a great place to start determining your property value, providing you are aware of the limitations.
Pitfalls of Appraisals
An appraisal is an entirely theoretical exercise which is based on the application of a number of traditional approaches to establishing and calculating a home's value. The best an appraiser can do is to establish a “notional” value based on these principles.
Appraisers are most often called to apply these theories for the purposes of establishing: finance value, insurance value, tax value, value for estate planning and when a divorce is happening, a notional market value to allow one party to buy the other out.
Only the Market Can Dictate Actual…