Brief Definition
Appraisal is the process of determining the value of something, such as a property or business. It involves analyzing factors like market conditions and financial performance to estimate its worth. Appraisals are conducted by experts who consider various factors to provide an informed valuation.
Further Explanation
Appraisal refers to the process of evaluating and determining the value of an asset, property, or business. It involves a thorough analysis of various factors such as market conditions, financial performance, comparable sales, and other relevant information to arrive at an estimate of the asset’s worth. Appraisals are commonly conducted by certified professionals called appraisers who have expertise in assessing and valuing different types of assets. The purpose of an appraisal can vary, including determining the selling price, insurance coverage, taxation, financial reporting, or making informed investment decisions.