If you are anything like I used to be, you are probably lost when it comes to the world of owning commercial property. One thing that has many people stumped is the concept of getting a commercial real estate appraisal. Here are a few points that will familiarize you with the concept.
The first thing to note is the fact that commercial buildings are given value depending on the rental rates they get in relation to the number of expenses they are required to pay. This is far different from residential real estate appraisals, which rely heavily on the actual value of the property in question.
An appraisal is not a set process that takes the same amount of time for each property. You may have one that takes a little under an hour to get an accurate assessment, yet another can take several hours. This all depends on the size and complexity of the building.
There is more to it, but those are a couple of points that you should certainly keep in mind. This will ensure that you are not in the dark when it comes to understanding what is going on around you.
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