Real Estate Appraisal is the analysis and study of a particular property’s value as at a specific effective date. Appraisal valuation dates can vary in time from a property’s current value, retrospective value and ‘as if complete’ hypothetical value typically used for financing new construction projects.
There are 3 types of valuation methods which are the Direct Comparison Approach to Value (ie. Mark Value which is most often used), income approach (typically used for income generating properties) and the Cost Approach to Value (typically used by insurance companies for Replacement Cost).