The best game plan to boost commercial property appraisal methods is to prevent surprises by preparing well ahead of the inspection date. Often the appraisal process is hampered due to the lack or unavailability of critical property information. When the commercial real estate appraiser sets the inspection date, it is only prudent to ensure that all the necessary information is readily available so you can save critical time and energy.
These tips can help you streamline the entire appraisal process and also help you determine the fair value of your property.
Keep the documents ready
Usually, appraisal process is similar to due diligence process–both requiring extensive paperwork. Making sure that you arrange extra copies of critical documents will only help to save time and speed up the overall process.
Building plans, survey, site plans, or any other documents related to the property are often requested by the appraisers, so make sure that you have them ready at the time of the appraisal. Also, it’s wise to keep documents such as lease and rent roll, property tax bills, diagrams of the property, income statement, original drawings of the property, and other relevant documents ready.
Share Historical Data
Improvements that you have made since the date of the ownership will also help to determine the value of your property. While inspecting your home or your commercial property, try to give a list of upgrades or changes you made to the property since you moved. A list of all the improvements with all the relevant documents could lead to a higher appraisal.
Share specific market information
If you possess any specific market information, sharing with your commercial real estate appraiser can help to assist in the process. Information about comparable rents or information about the recent sales in your area can help to reach appropriate valuations.
How to improve the appraisal process of your home?
If you are planning to get your house appraised, many factors can influence the value of your home, which includes the location of your home, the value of other neighbourhood houses, the exterior and interior of your home, and the amenities available in your home.
However, you can do a few things to improve your chance of a higher appraisal.
- Try to keep your home neat, clean, and uncluttered, making it easy to inspect. An unkempt or a dirty home can add to the appearance of wear and tear beyond normal, and in turn affect the appraisal process. Always remember that a new home can appear to be an old one if its condition is poor.
- A chipped paint or a cracked tile might seem to be a negligent issue, but it can present a negative impression of your home. Such details cannot sway the decision, but taking care of all the small repairs and improvements before the appraisal process can give a favourable look to your home.
- If your neighbourhood has witnessed some new exciting developments in recent future, such as a new park or upscale restaurants, let your appraiser know about them because it will affect the value of your property.
- During the inspection process, provide the appraiser ample freedom and space to thoroughly inspect your home. This will help to complete the process quickly and efficiently.
- Prepare a folder, which includes all the data about your property and important information such as the year when the property was built, number of bathrooms and bedrooms, square footage area, exact street address, and the contact of all the sources from which to pull information about your house.