Or
What does a residential appraisal report include?
The Uniform Residential Appraisal Report (URAR) is the most commonly used. It includes general remarks about the property’s condition and surrounding neighborhood. Photos of the property almost always accompany the report.
The report also includes a street map showing the location of the appraised property and other properties in the comparison analysis. And, of course, the report will also indicate the estimated value of the property and a general idea of how the estimate was calculated.
In a residential appraisal report, the estimated value of the property is calculated in two ways: the market comparison appraisal method and the cost method.
In the market comparison section of the report, the appraiser will list several comparable sales in your area. These “comps” usually represent a range in market value. Some comps will be valued at an amount less than your home; others may have a higher value. Generally, the estimated value of your property will be neither at the high or low-end of the comps, but somewhere in between.
The cost appraisal section focuses on the value of your land and the cost to rebuild your home, less depreciation.
Appraisers commonly use a combination of both the market comparison method and the cost method to determine the appraisal value of a property.

[Back]