Commercial versus Residential Assignments

 

Commercial appraisal assignment are assignments on commercial property types like; offices, retail buildings, shopping centers, industrial buildings and elderly care facilities.  Any property is is zoned for a commercial or industrial use, including vacant land, is considered commercial since its potential use is commercial.  Commercial properties are usually appraised using a narrative report type.

 

Residential appraisal assignments focused on single-family residential properties, however 2 to 4 unit buildings and small multi-family buildings also fall into the residential assignment category.  

 

Residential assignments, on single-family residential homes without complications, generally take 1 to 3 days to complete.  Commercial assignments generally take longer, and to accurately analyze a complex property type and write a quality report often takes weeks.  When you shop around for bids / quotes, don't forget to ask about the completion time.  Appraisers also need to know the purpose of the report when you contact them.   

 

Since commercial (narrative) assignments take a great deal more time and effort to complete, the assignment fees / cost of the appraisals are generally much higher than single-family residential report fees.  Commercial narrative reports often run from 30 to 150 typed pages depending on the complexity of the assignment (scope of work) and depending on the reporting type (usually summary or self-contained reports are completed).  

 

Contact us with your questions or concerns regarding commercial and residential assignments or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

 


                                                     



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.