We recommend following up on your initial appraisal by joining our update program. The suggested cycle for the program is a six year period with the initial inspection of the facility considered to be year one. For the next five years a low-cost annual update is provided, assuming no changes to the facility beyond normal maintenance and depreciation. (If changes or additions have occurred, a new inspection is needed and will be quoted. New appraisals of previously inspected facilities will receive a discount.)
While our competitors may have an administrative staff person apply a single blanket percentage to your entire project, at Townsend Appraisals all updates are performed by state certified/licensed appraisers. This means that we carefully review the initial report and apply current costs to each individual component of your report to provide you with accurate new totals. You can see the change in cost for each element as all costs do not rise in the same manner. For example, we are currently seeing a large increase in the cost of cement, however metal railings would have increased at a different rate. As you can imagine, after 5 years of updates using blanket percentages rather than actual component increases there would likely be a signficant difference. You can rest assured that with Townsend Appraisals, you have the most accurate figures possible.
Building costs are escalating. Our cycle of update appraisals ensures that you always have a current insurance valuation on hand.