Perhaps you’ve heard that it’s a good idea to get an appraisal for one or more items that you own. However, if you aren’t familiar with the goal of an appraisal, you might not understand why it’s beneficial to obtain one.
An appraisal is an expert estimate of the value of a property or item by a certified professional, based on research and knowledge of the current market for the property or item and a history of experience in the appraising field.
Read on for some of the reasons why it’s useful to arrange for appraisal services in Maryland:
- For a monetary evaluation of your property: If you have never had your property appraised, it’s a good idea to have this done at some point. A professional appraiser will be able to work with you to determine the fair market value of your property, what it might sell for and what you will need to pay in taxes each year.
- For debt payment purposes: If you find yourself in a difficult financial situation and need to begin liquidating your assets to make payments, an appraiser can help you figure out which items you own might be worth higher amounts of money. Receiving concrete answers on the value of your belongings can help you pay off any debt you may owe faster, and with less of a headache than you would experience with second guessing.
- For legal purposes: If you have inherited the estate or belongings of a loved one who has passed away, obtaining an appraisal is essential. An appraiser can help you determine what to keep based on sentimental value and on what may be irreplaceable, along with what might make sense to sell. Working with an appraiser can save you time, which is particularly important because you will need to do so quickly after a loved one passes away before you are faced with any sort of legal burdens that may come with waiting.
- For insurance purposes: If something should happen to you or one of your belongings, such as damage from a fire or theft, you want to have an appraisal of an item completed so that it can be documented and valued. As part of an appraisal, an appraiser will help you to document what belongings you have, their current condition and their replacement value should they need to be replaced.
Now that you know some reasons why it’s a good idea to schedule an appointment for appraisal services in Maryland, what are some items you can have appraised? Among a much longer list, experts recommend seeking appraisals for old or rare coins, jewelry, fine art, rare or signed documents, sterling silver and rugs and unusual textiles.
Because you may move or obtain new items—and also because the value of items may change over time—you should have personal property appraisals in Maryland completed about once every five years.
The team at Jane Campbell-Chambliss & Associates, LLC works with a consortium of professionals who specialize in estate auctions and appraisals, including auctions of real estate property, capital assets, farms and equipment, art, antiques, furnishings, silver, rugs, jewelry, automobiles, boats and collectibles. Contact us today to schedule an appointment or for answers to any questions.