Independent assessment is the process of determining the value of property or property rights, taking into account market, legal and economic factors. Its main goals are to determine the market value of an object, its assessment for the registration of a pledge (mortgage) and the resolution of property disputes.

Stages of conducting an independent assessment:

  1. Statement of the problem. Formulation of the purpose and objectives of the assessment and determination of the parameters of the object.
  2. Data collection. Inspection of the object and study of documentation (technical passport).
  3. Market analysis. Research of supply and demand in the market and comparison with similar objects.
  4. Application of evaluation methods:
    • Comparative approach: analysis of prices of analogues.
    • Income approach: calculating value based on expected income.
    • Cost approach: calculation of the cost of construction of a similar object.
  5. Report preparation. A detailed description of the object with the final cost and calculations confirming it.

The validity period of the appraisal results is usually 6–12 months, but may vary depending on the purpose of the appraisal. It is important that the appraiser bears civil and professional liability for misrepresentation of data or violation of procedural standards.