Why might an appraiser choose to use more than one valuation approach?

An appraiser might choose to use more than one valuation approach to gain a comprehensive understanding of property value from different perspectives. Each valuation method—such as the sales comparison approach, income approach, and cost approach—offers unique insights and reflects different aspects of the property and market conditions. By employing multiple approaches, an appraiser can triangulate values, reconcile the findings, and provide a well-rounded opinion of value that takes into account various factors such as market trends, property condition, and investment potential.

Relying solely on one method might not capture the full picture of the property's worth, especially in unique circumstances or fluctuating markets. The goal of using multiple approaches is to enhance the accuracy and credibility of the appraisal, ultimately benefiting stakeholders involved in the transaction.