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There are a number of reasons an assignment to appraise a religous property could land on your desk: new building projects, expansions, and the sale or acquisition of existing facilities could all prompt a request for an appraisal. What better way to be prepared for such an assignment than to have a copy of the Appraisal Instiitute's new book on this subject, The Appraisal of Religious Facilities. The new text will guide you through the complexities of this unique property type. For example, you will gain insight into the current state of the marketplace for such properties and the special physical elements that set religious facilities apart from others.
The book opens with an overview of the historical development of houses of worship in the United States and the importance of these structures not only to the religious bodies that built them but also to the communities in which they exist. Today's religious facility may range from a traditional, ornate, 100-year-old edifice to a modern, campus-like complex that provides space for educational, cultural, and social activities and events as well as for worship.
Analyzing the physical features of a religious facility plays a large role in the valuation process, not only as it pertains to the subject property but also to comparable properties. The authors describe what to notice and observe during a physical inspection as well as what to ask when interviewing facility leaders and others about the uses of the property. A major portion of the book is devoted to the application of the cost and sales comparison approaches, and the book concludes with a section on the financing of religious facilities.
This concise volume is an essential addition to the well-rounded appraiser's library. Order your copy today!
About the Authors
Martin H. Aaron MAI, SRA, is the CEO of Aaron & Wright Inc., a full- service real estate appraisal firm specializing in the valuation of religious facilities throughout the country. Mr. Aaron has been appraising for 27 years.
John H. Wright Jr., MAI, is the president of Aaron & Wright Inc., a full-service real estate appraisal firm specializing in the valuation of religious facilities throughout the country. He has been appraising for 17 years.