What is the primary goal of conducting an appraisal?

The primary goal of conducting an appraisal is to provide an unbiased, impartial value estimate of a property. This value estimation is crucial for various purposes, including sales transactions, financing, taxation, and investment analysis. An appraisal involves a thorough analysis of the property in question, supported by a comparison to similar properties and an assessment of the current market conditions to arrive at an objective value. This impartial nature of the appraisal process is essential since it ensures that all parties involved can rely on the assessment for accurate decision-making.

In contrast, evaluating the historical significance of a property, determining market trends, or making recommendations for property improvements are important activities in their own right but do not directly reflect the main objective of an appraisal. These activities may inform the appraisal process or be related to property management, but they are not the central focus when the goal is to quantify the value of a property objectively.