There are many scenarios that call for personal property appraisal in Maryland. You may have antique items that you would like to sell in the future and are interested in seeing what their value might be. Or you might need help determining the equitable distribution of a deceased family member’s estate. No matter why you need a property appraisal, it is important to know what this service involves. To gain a better understanding of how the value of your items is determined, follow along with this guide to learn more about the personal property appraisal process.
Getting to know your items
The very first step in the personal property appraisal process is to conduct an in-depth inspection of your items. Your property will be examined at length by your appraiser, and they will take photographs and measurements as well as a full inventory. Whether you are having jewelry, artwork or a collector’s item appraised, the condition the item is in at the time of the inspection will play a critical role in its appraised value.
Research and market analysis
Once the appraiser has collected all of the pertinent preliminary information about your property, additional research must be conducted to gauge the value of your inventory by comparing it with similar items. Your appraiser will need to know the intended future use of the appraised items, as this will help to determine just what type of research needs to be conducted. For example, if you are looking for an insurance valuation for your property, the replacement value will be the focus.
Alternatively, if you are having your items appraised so that you can sell them, the appraiser will look to find the fair market value of the item. Similarly, if you are looking to find the value of your property to determine the equitable distribution for a divorce or estate settlement, the market value would suit your purposes best. It is important to note that only a certified appraisal can be used in a court of law, or as documentation in legal proceedings.
The final report
When all of the necessary information has been gathered, the appraiser will then be able to determine an accurate and fair value for your personal property. Your final appraisal report will include photos, a detailed description and the current condition and value of the items, along with an explanation of how that value was determined.
To know the true value of your personal property, it is vital that you find a licensed, experienced professional appraiser, and that is where our team at Jane Campbell-Chambliss & Associates, LLC can step in. With extensive research into market values, past sales history and more, you can trust our team to find accurate values for all of the items in your inventory, no matter what your future intentions may be. To schedule an appointment and learn more about the personal property appraisal process in Maryland, make sure you give us a call today. We look forward to working with you soon!