This means to assess, evaluate or examine anything. It means an assessment of the value of any property or item, or even the performance of any.
Appraisal often means a formal assessment for any professional or individual at the workplace. It also means assessing and evaluating something, including property values, damages, etc.
Appraisals are property valuation exercises in real estate. They attempt to value properties like buildings, individual housing units, and land. This is important for both commercial and residential properties. This helps while purchasing resale property. Even while selling a property, the seller should get an appraisal/valuation done, in order to determine the fair market value for the same. This is also helpful for buyers, if they wish to pay the right price for a property. Appraisals of property usually take several parameters into account, including the market value, use value or value-in-use, insurable value, investment value, and even the liquidation value. Appraisals are often done by lenders and banking institutions before sanctioning mortgages to borrowers for purchasing any property.
