If your only experience with property appraisal is from watching reruns of “Antiques Roadshow,” you might be in for a surprise when you get a personal property appraisal for yourself. It’s important to have a good idea about what to expect before you begin the appraisal process. The most important thing to do is to find an appraiser who has a good reputation and possesses the experience and credentials necessary to ensure an accurate appraisal for your personal property.
Here are some things to keep in mind about personal property appraisal in Maryland:
- Appraisals are based on accepted standards and research: If you’ve only ever experienced appraisers on TV, you might be under the impression that the figures that they come up with are rather arbitrary. In reality, professional appraisers use a vast amount of research, experience and knowledge to attribute an accurate valuation to an item.
- Figures vary based on circumstances: The purpose of the appraisal that you are getting can also affect the value at which the item is appraised. If you need an appraisal for insurance purposes, the appraiser will determine the cost to replace the item. On the other hand, an appraisal for tax purposes will be based on the price that the item would sell for on the open market.
- An appraised value may be different from what the item sells for: Depending on when and where the item is sold and the state of the market, the sale price of an item can be drastically different from its appraised value. If you find a buyer who is particularly passionate about a specific item, you might find that they are willing to pay a much higher price. Alternatively, if the item is not particularly unique or exceptional, it may be sold for less than its appraised value simply for lack of interest.
- Authentication might be needed: Sometimes, an appraiser may want to consult a source that can authenticate the item to ensure an accurate assessment. This is especially common and important in instances where an item is frequently replicated or imitated. An experienced appraiser will know when further authentication is necessary and they will likely have the contacts that they need to find an expert.
- It’s important to choose a trusted appraiser: Not all appraisers will have the same experience, knowledge or credentials. You should always do your research and find an appraiser who can provide you with a reliable assessment of the value of your property. Finding a service you can trust ensures that you will get the most out of your personal property appraisal in Maryland.
For high-quality appraisals from professionals who you can trust, contact Jane Campbell-Chambliss & Associates, LLC. We are a family owned and operated, full-service appraisal firm with years of experience providing a variety of appraisal services that our clients can trust. If you’d like to find out more about all of the services that we provide, simply give us a call. We would be happy to provide you with personal property appraisal in Maryland that you can rely on.