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Why Aircraft Appraisal is Important

Aircraft is costly machine that make life easy and interesting. In case you are an aircraft owner, and you cannot remember when you last had your aircraft appraised, you should consider getting an appraisal. Having a third party opinion is paramount when you are looking for your aircraft’s insurance policy, when selling the aircraft, and when you are refinancing a loan.

During aircraft appraisal, a third party who is an expert will look at the plane to gauge its value. The third party will offer a written report that can help you know the value of your aircraft. In the report, the expert will give you detailed information on the reason behind the stated value. The report by the appraiser is authentic proof of value to any lender, seller, or buyer. It is important for every aircraft owner to have an aircraft appraisal report. You cannot ascertain the value of the plane if you do not have a report that is unbiased and independent from professionals with skills and experience.

You will notice that anyone can help you to establish the worth of your aircraft. The appraiser’s report, however, is more important since it can help you to discern the value of the aircraft, and it is accepted in the industry. There are numerous reasons why aircraft buyers and lenders should consider obtaining appraisals for the aircraft. After buying a new jet, the buyers will require having an insurance policy, and this is not possible without an appraisal. You can only shop for the jet after you know how much it is worth. You may find that the value of the jet is different from the amount you paid for. In case you want to buy a new fleet of planes for your business, you need to have an appraisal for these planes and the value before you make an offer.

Loan lenders will also require the appraisal report of your helicopter before they process the loan. It is common for some people to assume that it is easy to Google how much their aircraft is worth. It is paramount to appreciate that the value of two planes may be different even though they seem identical. Although you are likely to get an estimate online, you cannot tell if that is the true value of your aircraft. It is only through the appraisal of an aircraft that you can ascertain how much your plane is worth.

Although your aircraft appraiser should be a third party who is professional and unbiased, it is paramount to have a good relationship. Make sure that the appraiser is aware of why you want the appraisal done.

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