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At first, the appraisal process can be confusing and overwhelming. This short overview will give you a better understanding of the appraisal process and prepare you for having your property appraised.

An appraisal is vital to any real estate transaction. NKY Appraisal Services, Inc. will provide an accurate estimate of the value of a property. This appraised value is used to make sure that both buyers and sellers are getting a fair price for a property.

Beginning an appraisal starts with an inspection of the property. We visit your property to review different features like the number of bedrooms and bathrooms, square footage, location, neighborhood, and more. The appraiser will take note of key features that may raise or lower the value of the property. Finally, the appraiser will prepare a floor plan and information about the layout of the property.

After inspecting the property we will generate a report for the value of the property based on three measures. Those three factors are cost analysis, comparable market analysis, and an income based analysis for rental properties.

This analysis is used to consider the cost of replacing the property. Factors such as labor rates, materials, and other local factors required for the property are included in this calculation. This is used as a maximum value that the property could be sold for.

During our appraisal, we will use the value of properties that are located near by and comparable with your property to generate an estimated value. NKY Appraisal Services, Inc. is familiar with the Northern Kentucky area and has an in depth understanding of property values across the area. We will examine recent property transactions in the area to evaluate your property with similar ones. 

Certain property features can raise the value of your property like new appliances, fireplaces, quality materials, extra rooms or bathrooms, outdoor spaces, and more. To get a final value on your appraisal, we adjust the estimate based on similar properties by adding or subtracting extra or missing features that are included in your property.

For rental properties this mode of analysis is used to generate an appraisal value. The revenue that the property generates is compared with that of similar properties in the area.

A combination of each analysis is used to generate a final estimated value for your property. Be aware that this value is not always the final sale price. Different circumstances including urgency, multiple bidders, and motivation can cause the sale price to fluctuate. However, the appraised value is still used to determine an accurate evaluation of your property for loans or other real estate decisions.