What is typically the first step in the appraisal process?

The first step in the appraisal process is inspecting the property. This initial step is crucial as it allows the appraiser to gather firsthand information about the property's condition, layout, size, and unique features that may affect its value. By performing a thorough inspection, the appraiser can identify physical characteristics and any potential issues that might not be captured through documents or data alone.

During the inspection, the appraiser not only reviews the interior and exterior of the property but also takes note of its location, surrounding environment, and amenities. This comprehensive observation forms the foundation for further analysis and comparison with other properties in the market.

After the inspection, the appraiser can move on to other steps such as conducting a market analysis or researching comparable properties. However, these latter stages rely heavily on the insights gathered during the property inspection, making it a pivotal part of the appraisal process. Therefore, starting with a thorough inspection aligns with the essential methodologies of appraisal practice, supporting both accuracy and reliability in determining property value.