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Elford appraisers use a combination of three well-proven approaches to their valuation methodology depending on the specific property, its use, and the purpose of the appraisal report.

The Cost Approach to Value provides an estimate of what the cost would be to replace or reproduce the improvements of a specific property at the time of the appraisal, taking into account physical, functional and economic obsolescence. The figure arrived at is added to the land value of the specific property and the result is the estimate based on the cost approach.

The Direct Comparison Approach to Value compares the specific property to other recently sold properties of similar size, quality, location and utility. Comparisons are made to the specific property and adjustments are made to calculate the differences in value. Direct Comparison is the approach most commonly used for residential appraisals. If this approach is used for income producing properties the comparison may be room count, numbers of bedrooms, income per room or other units of similarity depending on the use of the property.

The Income Approach to Value is the most appropriate manner of ascertaining the value of income producing properties. The Income Approach produces an estimate of what a prudent investor would expect to pay for a specific property to net a rate of return commensurate with the income the specific property can produce.

Reconciliation and final estimation of value
Upon the completion of the gathering of data, a thorough analysis is conducted. From this analysis, the final estimate or opinion of value is formed.

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Contracting Elford Appraisal is as simple as clicking this Appraisal Request link. You can download, fill out and return the attached form, or if you are outside of Calgary, simply contact us toll-free at 1.888.230.4107 to order your appraisal or for more information.