Many owners of antiques, collectibles, jewelry, and other valuable items believe that they have a good estimate of how valuable their property is, but often this is not enough. First of all, there are many factors that go into determining the actual value of an item that the average individual is not aware of. There are also many occasions in which a professional appraisal may be beneficial or even required, such as when considering a possible sale or for arranging insurance. However, there are a few things you should know about personal property appraisals that will help you to achieve the most accurate appraisal for your purpose.
Personal Property Appraisals Are Often Needed
Many people may feel that their own knowledge of the value of an item is enough, but this could not be further from the truth. Though your opinion may be based on some knowledge of the actual value, this will not hold much weight with an insurance company, potential buyer, or when it comes to taxes, the IRS.
The fact is that a professional appraiser does not simply pull their valuations out of a hat. They rely on a considerable amount of research, training, and experience to provide a credible valuation that complies with the Uniform Standards of Professional Appraisal Practice (USPAP), which are the governmentally recognized standard for appraisers. A personal property appraisal can provide you with official documentation and an accurate valuation for estate purposes, insurance, or the sale of an item.
What Types of Items Should Be Appraised?
Any type of item which you believe may have a high value no matter what it is can and often should be appraised. If you are unsure of the value of an item, you can often gain some basic ideas from a simple web search to determine if it may be worth appraising. Common types of items that are often appraised include jewelry, antique pocket and wristwatches, paintings, vintage dish-ware, valuable collectibles, and paintings. However, personal property appraisals are not limited to these types of items, and any property of value may be worth acquiring an appraisal for.
How Appraisers Provide an Accurate Valuation
Appraisers follow the guidelines set forward in USPAP, which is the Congressionally recognized set of standards for valuation. Under these standards, appraisers look to factual information to help them determine the value of an item, including past sales of similar property, the condition of the item, and its history. Through using their training and experience, the appraiser can use these facts and knowledge of the current market to provide a valuation of the item for your intent. If the valuation is for the purposes of insurance, this value may be the cost of replacing the item, and if it is for sale, this may be the fair market value that you could expect for the item.
A personal property appraisal is an important tool for judging the actual value of an item. Whether it is for insurance, sale, or donation, an appraiser can provide you with the documentation and knowledge necessary to identify the value of your personal property.
For a skilled and professional personal property appraisal, contact Manzi Appraisers & Restorers. Our professional team has over 20 years of experience in providing accurate valuations. Contact us at 617-948-2577 and connect with us on Facebook.