What is the main goal of conducting a property appraisal?

The main goal of conducting a property appraisal is to determine the fair market value of the property. This value reflects what a buyer is willing to pay and what a seller is willing to accept in an open market transaction. Appraisals are critical for various purposes, including financing, taxation, and investment decisions. By estimating the fair market value, appraisers consider various factors such as the property's condition, location, and recent sales of comparable properties, ensuring the valuation is accurate and reliable.

While other choices may relate to aspects of property ownership or investment, they do not encompass the primary objective of an appraisal. Attracting potential buyers through marketing is more about promotion than valuation. Assessing the structural integrity of a building focuses on physical condition rather than market value. Identifying potential renovations, while useful for property improvement, does not address the essential purpose of establishing fair market value.