There are times when I sit and wonder what to write about in my blog? What do people want me to say? What are you interested in? This month is one of those months. I have been teaching a lot over the last couple of months and thus not spending as much time thinking about what to say in my blogs.
For me this has been a summer of work but also fun trips with good friends. Some were in this country with a friend of a long time and other was to the USA to get to know some business friends in a much more personal way. Both enriched my life this summer.
So I thought what about answering the questions I get asked the most from my clients.
1.) Why do I need an appraisal? What price should an item be before I get an appraisal?
My answer to that is to explain that there are many reasons to have an item appraised and value is only one. A good appraisal done by a reputable appraiser will have details and description of the items as well as a photograph, so in the event of it being lost or stolen, there is a better chance of return than with something that is not documented. It also shows that as of the date of the appraisal you were in posession of the item. In this instance, it may be. that to you the monetary value is a secondary consideration and that you want the item documented. Are you going to be uspset if the item is lost or stolen? That might be the guide you use as your reason to have an appraisal done.
2.) What are the differences between appraised for insurance or probate?
In Ontario, there is a law that all items that are being claimed in an estate during probate must now be valued by a professional. You cannot just put a price on the item that you believe to be correct. It must be documented. This is done for tax purpose and thus the government does allow the value to not be retail replacement but a lower value. Insurance value is higher to allow for replacement of the piece in the market.
3.) How come you charge so much to do an appraisal? I can get it done at the chain store but I don’t want it to be sent away and wait two weeks to get it back.
My response to that, is only for my own business and I cannot relate it to anyone else, but my price for my service is based on not only the service I offer, but the timeliness of my service (sometimes same day service), my experience in the industry and the extensiveness of my education. I allow for the fact that I work from my home office so have not as much overhead but I also take into account that I have ongoing expenses in keeping not only equipment up to date but also my education. My field of work never stops changing, so if you stop learning, you will make mistakes. I have positioned myself, where I have colleagues around the world I can go to for help, when needed and always thank them for the willingness to share knowledge no matter how busy they are. Will you get this same type of service from the chain store?
If you have more questions about appraising please send them to me and I will do my best to answer them.
Have a great end of summer.
Karen KC Appraisals