When Do I Need an Equipment Appraisal?
Understanding the Equipment Appraisal Process
Equipment appraisals are the foundation of our company. We conduct many appraisals every year for individuals and companies looking to know the value of their equipment. It’s important to have a solid understanding of the worth of all your equipment so that you are continually aware of the total value of your business, farm, or general assets. It’s a good idea to know exactly when and why you would want to have an equipment appraisal done so that you don’t find yourself caught off guard, needing to know the value of your equipment without time to have an appraisal done!
When to Schedule an Appraisal
An appraisal is conducted in order for you to determine the value of your equipment. You would want to have an appraisal completed before you sell off your assets so you know what you should expect to receive. You may also want to determine an accurate estimate of the depreciation your equipment has faced so that you can update your books as well as decide when it might be time to upgrade. If your company would like to start working for the government, you will likely have to have your equipment appraised for the prequalification application. We are happy to be qualified to offer appraisal services for any companies looking to work Michigan Department of Transportation! You may also want an appraisal if your business is looking to refinance, planning on merging with another company, or if you are trying to adjust your insurance and/or tax rates. There are many reasons that you would want your equipment appraised but essentially it all boils down to wanting to know the value of your equipment.
The Appraisal Process
There are two different ways that you can have an appraisal done. The first is an in-person appraisal. One of our certified appraisers will come out to assess your machinery or equipment in person in order to assign its proper value. They will look at the working condition of your equipment, take into consideration its age, the number of hours or miles logged on the asset, and look at any maintenance records. This will allow them to determine the care that you have given to your property and will help them form their opinion of value.
The other way you can have your equipment appraised is through a desktop appraisal. In this process, you will provide our appraisers with all the information about your assets possible, and then our appraiser will give you their best opinion of value based off of the images and other records. The appraiser will not have to view your assets in person. This is a great way to have an appraisal done quickly for just a few pieces of equipment.
Time and Cost
The timeline and costs that you can expect for your appraisal will be determined based on the type of equipment you would like to be appraised, as well as how much equipment is being appraised. It will take a lot longer for us to appraise a whole tool and die shop compared to a few pieces of agricultural equipment. If you would like further information about potential costs, please contact us here.
At the end of your appraisal process, you will receive a comprehensive report that gives your appraiser’s opinion of the value of your assets. Regardless of the reason behind your appraisal, you can be sure that you will receive a high-quality, professional, and confidential appraisal of your assets. Equipment appraisals are incredibly valuable and help to keep all of your finances and operations on track and under control. If you have any further questions about the appraisal process or would like to schedule an appraisal for your company, contact us today!
LOOKING TO SELL YOUR EQUIPMENT?
Our sister company Miedema Auctioneering specializes in selling equipment, heavy machinery, and other assets through live and online auctions. If you are interested in selling your equipment after an appraisal, get in touch with them to see about setting up an auction for your company!
