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Overview
A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second holiday home or an investment, the purchase of real estate is a complex financial transaction that requires multiple parties to bring it together. Who therefore makes sure the value of the property is in line with the amount being paid? This is where the appraisal comes into play.

An appraisal is an unbiased estimate of what a buyer might expect to pay - or a seller receives - for a parcel of real estate, where both buyer and seller are informed parties.

To be an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the most accurate estimate of the true value of their property.

The Inspection
What goes into a real estate appraisal? It all starts with the inspection. An appraiser’s duty is to inspect the property to ascertain the true status of that property. The appraiser must actually see features, such as the number of bedrooms, bathrooms, and the location and so on, to ensure that they really exist and are in the condition a reasonable buyer would expect them to be.

The inspection often includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects that would affect the value of the house.

Once the site has been inspected, an appraiser uses two or three approaches to determine the value of real property: a cost approach, a sales comparison and, in the case of a rental property, an income approach.

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