Why the purpose and date matter
The same home can need an appraisal for a sale decision, an estate, a divorce or another property matter. Tell the appraiser who needs the report and what decision it will support. A report prepared for one use may not meet another recipient's requirements.
The effective date is the date the value applies to. It can differ from the inspection date and the day the report is delivered.
What the appraiser considers
The work can include a property visit, measurements, photographs and research into the home’s size, condition, site and improvements. Comparable sales, market conditions and other relevant evidence help explain the conclusion.
The report describes the property, the evidence and how the value was developed. A sales comparison approach looks at relevant home sales. A cost approach considers the land and the cost of improvements, allowing for depreciation. An income approach considers the income a property can produce. Which approaches are useful depends on the assignment.
How it differs from an inspection or a price estimate
A home inspection examines physical condition in a different way. An appraisal develops value and does not replace that inspection. A broker’s market analysis or an online estimate also has a different purpose and process.
An appraisal is an opinion supported by evidence. It does not promise the price a particular buyer will offer or a lender’s approval.
What to ask for your Woodbury home
Start with the address and why you need the value. Include the date you need valued and who will receive the report, if you know. Those details help the appraiser explain the work and fee before you decide to order.