Are you in the process of buying or selling a property? Or are you a homeowner who wants to know the value of your home? In either case, you’ll need a real estate appraisal. However, not all appraisals are the same. There are two types of appraisals: a desktop appraisal and a full appraisal. In this post, we’ll discuss the differences between the two and how choosing the right appraisal can save or lose you money.
Desktop Appraisal vs. Full Appraisal: What’s the Difference?
A desktop appraisal is an appraisal that is conducted without an appraiser physically inspecting the property. Instead, the appraiser uses available data to estimate the value of the property. This type of appraisal is usually less expensive and faster to complete than a full appraisal.
On the other hand, a full appraisal is an appraisal that involves a physical inspection of the property by an appraiser. During the inspection, the appraiser will evaluate the property’s condition, amenities, and overall value.
The Pros and Cons of a Desktop Appraisal
The biggest advantage of a desktop appraisal is its cost and speed. Since there is no physical inspection involved, a desktop appraisal is usually less expensive than a full appraisal, and it can be completed in a shorter amount of time. This makes it a good option for people who need an appraisal quickly or for properties that are straightforward.
However, there are some downsides to a desktop appraisal. Since the appraiser is relying on available data, they may not have a complete picture of the property’s condition or amenities. This could result in an inaccurate appraisal, which could lead to the buyer or seller losing money.
The Pros and Cons of a Full Appraisal
The biggest advantage of a full appraisal is that it provides a more accurate assessment of the property’s value. Since the appraiser physically inspects the property, they have a better understanding of its condition, amenities, and overall value. In addition, there are two other advantages of a full appraisal that are worth mentioning:
Accurate Measurement of Gross Living Area (GLA)
Assessment records are often unreliable and inaccurate, which can lead to sellers leaving money on the table when a house is actually bigger, or buyers overpaying when a house is actually smaller. By measuring the home during a full appraisal, the appraiser can confirm the Gross Living Area (GLA) of the property, which is a crucial factor in determining its value.
Professional Floor Plans
Some appraisal companies will also provide professional floor plans as part of a full appraisal. These floor plans can be used as a valuable marketing tool for sellers, as they provide potential buyers with an accurate and detailed layout of the property.
How Aladdin Appraisal Can Help
At Aladdin Appraisal, we understand that choosing the right type of appraisal can be a difficult decision. That’s why we offer a three-step process to get the correct type of appraisal into your hands:
Step 1: Proposal
We’ll provide you with a proposal that outlines the type of appraisal that we recommend for your property, along with the cost and timeline for completion.
Step 2: Inspection (or Data Verification for a Desktop Appraisal)
If you choose a full appraisal, we’ll schedule a physical inspection of your property at a time that’s convenient for you. If you choose a desktop appraisal, we’ll verify the data that’s available to us to ensure the most accurate appraisal possible.
Step 3: Delivery
Once we’ve completed our appraisal, we’ll deliver a detailed report to you that outlines our findings and the value of your property.
Conclusion
Choosing the right type of appraisal can save or lose you money. At Aladdin Appraisal, we offer both desktop and full appraisals, and professional floor plans, along with a three-step process to ensure that you get the most accurate appraisal possible. Contact us today to learn more about our services and how we can help you.