The process of determining the current market value of a property.
An appraisal is conducted by a qualified professional who evaluates a property's condition, location, size, features, and recent comparable sales in the area. Lenders typically require appraisals before issuing a mortgage to confirm that the property supports the purchase price. For luxury properties, appraisals may also consider unique amenities, views, architectural details, and access to recreational areas that influence market value.
For luxury co-ownership, understanding a property's market value is an important part of making an informed investment. GoForth's co-ownership model allows four families to share the cost of acquiring a luxury property, making ownership more accessible while maintaining a focus on transparency and informed purchasing decisions. When an owner chooses to sell their share, resale facilitation helps connect them with prospective buyers.