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When you buy a home, your mortgage lender will want to know whether the house you are interested in buying is worth the amount you are willing to spend. They need to check out the house for anything that can devalue or increase the property's worth. To do this, they require home appraisals for all borrowers.
Commercial property appraisal or property valuation is a process of establishing the worth of the property -usually the market value. These appraisals form the basis for mortgages, sales, mergers, taxation and so on. The market value of a property does not always equate to the cost to buy it.
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