A Field Appraisal for equipment means that the appraiser physically inspects the equipment on-site. It is the most common and accepted form of equipment appraisal.
Field Appraisals are the gold standard
Field Appraisals are the generally accepted standard for equipment appraisals. They will often be required based on the intended use of your equipment appraisal. For example, your bank might require a field appraisal in order to provide you with financing.
The alternative is a desktop appraisal in which the equipment isn’t inspected. [LINK]
A field appraisal is more expensive than a desktop appraisal. This is because it involves a physical site visit and inspection of the property. During the visit, the appraiser will gather necessary information about the equipment, evaluate its condition, take photos, and determine if it’s in working order if necessary.
Drawbacks of Field Appraisals
The main drawbacks of field appraisals are time and money.
Because the equipment appraiser will need to physically inspect the equipment, you will need to schedule a time for them to visit. They will likely have to travel to your location as well.
Since this takes more time, it also takes more money. Expect to pay the cost of travel and additional time for a field appraisal compared to a desktop appraisal.