A residential appraisal relies mainly on a direct comparison approach and will provide a value based on the current use of the property. This may result if an appraised value less than the actual market value. Costs average $300 – $500 + GST and a turnaround time of 2-3 days.
A commercial appraisal is much more detailed and will consider the future development potential of the property. Costs average $1,500 to $4,000 + GST and a turnaround time of 2-3 weeks. A commercial appraisal will consider the highest and best use of the property, ensuring a more realistic appraised value is determined.