Have you ever wondered how real estate appraisers determine how much a property is worth? Experts such as those at Metro Appraisal Associates in Rochester, NY, have experience in all types of real estate appraisals to satisfy the needs of their customers.
In addition to bank mortage appraisals, our appraisers complete appraisals for private individuals with specialized needs such as matrimonal and bankrupcy vaulations, partnership buy outs, real estate tax assessment reviews, employee relocations, estate valuations, reviews of Private Mortgage Insurance (PMI) requirements from existing mortgages or any other circumstance where a real estate value is needed from a NYS Certified Appraiser.
Each real estate appraisal looks at three main elements:
- The Condition of the Property: Certified appraisers will inspect the interior and exterior of the property and all its features. The property will be rated on the basis of its condition. New kitchens, baths, additions of decks, recreation rooms, fireplaces, central air, etc. all have an affect on value and appraisers adjust for those and other features.
- The Sale Prices of Similar Properties that have recently sold in close proximity to the property being appraised. This is called the Market Approach To Value. Those sales along with adjustments for differences between the property being appraised and the sale property are the basis for determining fair market value.
- Income and Investment Properties such as apartments, office buildings, commercial stores, factories, storage facilities, etc. have an additional review of income and expenses. This approach to value determines what an investor would for an investment property based on market conditions.
If you require an appraisal for any of the above reasons or some other circumstance, and you’d like to schedule an objective appraisal, turn to the experts at Metro Appraisal Associates. We have been appraising real estate since 1985 and our expertise and experience can be valuable to you. For more information, visit them online or call them at (585) 225-3042.