An Appraiser is a professional member of the Real Estate industry who has responsibility for determining the approximate value of a property. Appraisers’ estimations, based on current trends, factual data and experienced findings, serve as the basis for written appraisal reports.
Appraisers are usually contracted through a property buyer or their lender, since an official appraisal is required prior to receiving a loan. (However, the cost of this service may be negotiable between buyer and seller.)
Primary factors that constitute the basis of an appraisal report are size, square footage, and number of rooms-including finished basements and/or garages. Next, the condition of the property and neighborhood are taken into consideration, as well as any updates or renovations. Another contributing aspect would be recent costs of any nearby real estate transactions, or what the property may have sold for in the past. Nearby pools, playgrounds, schools or access to main roads may also add value to the area. In addition, Appraisers look towards the future, such as possible Breckenridge Commercial real estate or residential growth. (For example, if a park, shopping area or other attraction is under construction in the vicinity, it could become a desired location and thus influence the appraisal.)
Prior to even viewing the property, Appraisers obtain much information through public records, such as maps, zoning records, flood or damage data, boundaries, and sales activity for the area. More research and analysis will be involved if the property will be used for income purposes-such as apartment rentals-and additional time will be required.
It’s best to look for an Appraiser who is experienced with property and geography similar to what is being appraised, although many are state certified and are knowledgeable about varied requirements. The three appraisal companies of Summit County are: