How to Review Your Commercial Real Estate Appraisals, Columbus
If you’re considering investing in commercial property right here in Columbus, Ohio, then you’ll need to cover all of your bases when it comes to appraisals, Columbus! As the 15th largest city in the United States, our region certainly has a lot to offer to investors and residents alike. When it comes to commercial real estate, however, peeling back the layers is not as black and white as the tremendous benefits of our great location. You want to be certain that you have covered all of your bases.
The CRE Appraisal Process
Any good investor in Columbus, Ohio property
knows that before making a final purchasing decision, you need to go through a thorough commercial real estate appraisal process. A real estate appraisal
will establish the value of the property you are considering purchasing at that exact point in time.
An appraisal will include many elements, such as:
- A comparative analysis of other property in the area
- An estimate of the value of the property
- A description of the property
- An explanation of any potential risks you may face or negative aspects that may impact the market value of the property
When reviewing appraisals Columbus investors should pay attention to the larger picture; though, it’s also important to comb through the minute details.
Understanding Your Commercial Real Estate Appraisal
Depending on the approach your commercial property appraiser took – cost, sales, or income capitalization – you want to pay attention, first and foremost, to the bottom line: how much is your property worth?
After that, consider looking over these important factors, which will ultimately impact everything else down the line, and right now, too:
- What are the neighborhood boundaries listed on your appraisals in Columbus?
- What is the square footage listed? Compare that to the official records of the property, as you want to be sure they are accurate.
- Review the full appraisal for any missing items that could impact the value. Are all of the rooms in the property accounted for? Is the pool in the yard included?
- Are the market trends accurate? This will impact the final value. Your appraiser needs to have a firm understanding of the market, as it will make a huge difference on your bottom line.
- Were there upgrades made to the property – did your appraiser list all of them? The final value needs to factor in all of them, although every single dollar does not need to be accounted for individually throughout your report.
Consider this: You need to be comfortable with your commercial property appraisal so that you can be sure you are making a wise investment. That’s why it’s important that you vet commercial real estate appraisal firms
in order to determine which would be the right fit.
When it comes to appraisals, Columbus investors and property owners rely on the expertise of The Robert Weiler Company. Call 1-614-221-4286 and see the difference a trusted leader in Columbus, as well as the entire Central Ohio area, can make for your commercial real estate appraisals.