Why You Should Consider Aircraft Appraisal
If you are an aircraft owner and you have not had aircraft appraisal, then you should make it your priority. Aircraft appraisal is an important exercise for every aircraft owner as it helps during insurance, loan refinancing and knowing the correct value of your plane if you would like to sell it. It is only competent and certified aircraft appraisers that can do the work. An aircraft appraiser considers several factors during the valuation process and tables a report about the aircraft’s value as at that time. This is an official report which states the value of the aircraft. People can have different opinions about the value of an aircraft, but the most reliable view is the one from an independent certified aircraft appraiser. For more useful reference, have a peek here https://www.vref.com
Why is it necessary to have an independent aircraft appraisal report? When you have purchased a plane, the next step is insuring it. No insurance company will accept it if you do not produce an aircraft appraisal report which states its most recent value. Do not assume that the selling price of the plane is equivalent to its value. If you had a loan and now the interest rates have dropped, and you are considering loan refinancing. Your lender will request to know the current status of the plane and its value before issuing a new loan, and that calls for aircraft appraisal. On the internet, you can find estimates of the value of your plane, but they are not reliable. Even though the aircraft might be the same, their value must not necessarily be equal, and hence, an aircraft appraiser can help establish its present value. Here's a good post to read about aircraft valuation, check this out www.vref.com
What could affect the value of your aircraft? Many aircraft owners do not understand why identical planes do not have the same value on valuation. Various factors influence the value of an aircraft over time, and some of them are discussed herein.
Engine hours – How many hours has your plane’s engine run? What is the interval of doing maintenance of the engine? If you schedule regular engine maintenance, then that can have a positive impact on the value of the plane. On the other hand, if the plane’s engine runs for long hours, then the value of the plane can diminish. Schedule your aircraft appraisal immediately after maintenance and not before maintenance service.
Damages – How do you handle damages to the aircraft? Damages such as dents can significantly reduce the value of the plane. Your plane can have minor accidents and get scratches, but you should repair them immediately so that it appears neat and in excellent state.
Interior wear – It is not only the exterior parts of the plane that the appraiser will examine but also the interior. He will be keen on the state of the lavatory, lighting, color schemes, safety measures, seats, and floors. Do not just concentrate on the exterior appearance but get the interior section a touch of class. Please click this link https://smallbusiness.chron.com/purpose-business-valuation-69020.html
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