What is the primary purpose of an appraisal?

The primary purpose of an appraisal is to estimate the value of a property. Appraisals are a systematic process used by licensed appraisers to evaluate a property's worth based on various factors, including its location, condition, and comparable sales in the area. This estimated value is essential for many reasons, such as when purchasing or selling a property, obtaining a mortgage, or assessing property taxes.

While providing legal advice, recommending renovations, or determining maintenance costs might be relevant in different contexts, they do not represent the main aim of what an appraisal seeks to accomplish. Appraisals are specifically focused on the assessment of value and are conducted following standardized methodologies and guidelines that ensure objectivity and accuracy in valuation.