What does a physical inspection entail in appraisal?

A physical inspection in appraisal primarily involves examining the property to assess its condition and features. This process is essential for appraisers as it allows them to gather firsthand information about the property's characteristics, such as its size, layout, materials used, and overall state of repair.

By conducting a physical inspection, appraisers can identify any physical deficiencies, determine the quality of construction, and recognize improvements or alterations made to the property. This examination is crucial for determining the property's market value and plays an integral role in the overall appraisal process.

Understanding the property's condition and features is vital for providing an accurate valuation, as these factors significantly influence how much buyers might be willing to pay. Other options such as evaluating property value based on market trends, conducting a survey of property boundaries, or reviewing historical data about the property do not encapsulate the hands-on, observational nature of a physical inspection, which focuses specifically on assessing the present state of the property itself.