A full appraisal, also known as a "traditional" appraisal, is a type of real estate appraisal that provides a comprehensive and detailed analysis of a property's value. It is usually conducted by a licensed appraiser who has extensive knowledge of the local real estate market and the various factors that can affect a property's value.
The process of a full appraisal typically involves an on-site inspection of the property, which includes a thorough examination of both the interior and exterior of the property. During the inspection, the appraiser will evaluate the property's size, condition, layout, and features, as well as any improvements or upgrades that have been made.
In addition to the on-site inspection, a full appraisal also involves a detailed analysis of the local real estate market. This includes research into recent sales of comparable properties in the area, as well as an analysis of current market trends, such as supply and demand, interest rates, and economic conditions.
Once the inspection and market analysis are complete, the appraiser will typically use one or more of the recognized appraisal methods to determine the property's value. These methods may include the sales comparison approach, the cost approach, or the income approach, depending on the type and intended use of the property.
The final appraisal report includes a detailed description of the property, including its location, size, condition, and any relevant features or improvements. It also includes a detailed analysis of the local real estate market and an explanation of the appraisal methods used to determine the property's value. Finally, the report will include the appraiser's conclusion regarding the property's value, along with any relevant disclaimers or limitations.