When people think of financial appraisals, they often think of home appraisals or finding out the value of a pre-owned vehicle. However, you can get anything appraised and an oriental rug is often an investment worthy of an appraisal. There are various reasons you should get your oriental carpet appraised, but it’s important that you hire the right company and get a proper appraisal for it to be legally binding. When hiring an appraisals company, it’s important to research the credentials of the appraisers. Any company that offers oriental rug appraisals in The Woodlands, TX area should be certified by the Oriental Rug Retailers of America (ORRA) or have a membership with the Association of Rug Care Specialists (ARCS).
Insurance Appraisals
One of the main reasons you should get an appraisal is for insurance purposes. Many oriental rugs are worth thousands of dollars, and if your home were to have water or fire damage, you would want to file a claim for the rug. When an appraiser comes to assess the carpet, he or she will take into consideration: the age of the carpet, its’ condition, its’ origin, the color, and the weave type used to create it.
Oriental rug appraisals in The Woodlands, TX area should consist of a replacement value figure, which is the amount you would need to replace the carpet due to damage. The appraiser may also want to note the fair market value of the carpet and the salvage value of the carpet. The fair market value is what the carpet would most likely sell for if sold at retail and the salvage value is what the carpet is worth after damage. The salvage value won’t be needed in an original appraisal unless you’re having the appraiser come after your carpet has already been damaged.
Resale Value of the Carpet
If you want to sell the carpet, you want the greatest return on your investment. With oriental rug appraisals in The Woodlands, TX, residents can get an overall estimate of the value of their carpet. Whether you want to sell it outright to a private buyer, go through a retail establishment, or use an auction house, knowing the fair market value of your carpet is the best way to insure that you get what you’re owed when you sell.
If you’re interested in the worth of your carpet, find out more about oriental rug appraisals, The Woodlands, TX, by visiting Website URL.
