What does the appraisal process evaluate regarding the property?

The appraisal process is designed to provide a comprehensive evaluation of a property by assessing both the land and the improvements that have been made to it. This includes not just the structure or building itself, but also various factors such as the size of the lot, the condition of the land, any landscaping, and the compatibility of the improvements with the surrounding environment. By taking into account both the land and the improvements, appraisers can determine a more accurate market value that reflects the entire property’s worth rather than focusing solely on one aspect.

This holistic approach ensures that all contributing factors to the property's value are considered, which is essential for potential buyers, sellers, and lenders. The assessment of both land and improvements is crucial for understanding the true market dynamics and helps in formulating a fair estimation of the property in the context of current market conditions.