Frequently Asked Questions
How much does an appraisal cost?
Many factors are involved in the cost of an appraisal. Your appraiser …will need to know the type of property – residential, commercial, multi-family, industrial, etc. And they’ll need to know the purpose of the appraisal. Whether your appraisal is commercial or residential, your appraiser will obtain all the required information before providing you with an applicable quote.
What qualifications are required to be a Real Estate Appraiser?
An appraiser will be a Designated Member of the Appraisal Institute of Canada – AIC. …An AACI designation means your appraiser can provide both commercial and residential appraisals. A designation of CRA means your appraiser specializes in residential properties and dwellings with no more than four individual housing units. AIC members are held to the highest standard of appraising through the Canadian Uniform Standards of Professional Appraisal Practice – CUSPAP.
How long does a property inspection take?
Typical residential property inspections will take between 30 and 45 minutes – …depending on the type and size of property. Commercial property inspections may take from 45 to 90 minutes.
How much is my property worth?
You’re not alone in asking this. And since your property …and its value is often the cornerstone of your financial stability having an independent appraisal done is key. Your appraisal will include a property inspection, a location analysis and relevant market data so your appraiser can give you a solid appraisal on the market value of your property.
We’re thinking of selling. Can an appraiser help us price our property?
Absolutely. Keep in mind that although the asking price is really important, … there are a number of other components that your appraiser/advisor can help you with. Your appraiser/advisor is trained to provide you with detailed information that will help in pricing your property. Your appraiser/advisor’s written appraisal will include: a neighbourhood analysis, trends in your neighbourhood, market trends in general, comparatives to other properties like yours, relevant recent sales and can also highlight current similar properties for sale on the market.
Your appraiser/advisor will also make recommendations about your property – like basic repairs or cosmetic upgrades – that will help you get your maximum selling price. They’ll also tell you the best time to put your property on the market based on your objectives – a quick sale or maximum return. Your appraiser/advisor works for you. They’re there to get you the best selling price possible.
We’re thinking of renovating. What renovations will give us the best return in a sale?
Every renovation is different and really has to be looked at on an individual basis. …Your best return is often from cosmetic fixes, such as; painting, decorating and de-cluttering your home. Renovating your kitchen and bathroom are the most cost effective projects, according to the Renovation Payback Study done by the Appraisal Institute of Canada. Just make sure you don’t over-personalize your renovations which could price you out of your neighbourhood market.
Our property has been expropriated. How do we make sure we get fair compensation?
Under legislation, you are entitled to receive that amount which places …you in a position where you are no worse off than before the expropriation. In the case of a principle residence, if the home it to be taken or severely negatively affected, a house for a house is often the compensation. Most often, governments will try to resolve the amount of compensation to e paid before actually expropriating. It is important for you to ensure you are fairly compensated for all aspects, including partial property expropriation, the loss in value to you remaining property, your costs to obtain fair compensation also with other items must be considered. In addition to valuation advice, legal advice is strongly recommended in such matters.
What information as property owner do I have to supply to complete an appraisal?
If it’s a RESIDENTIAL appraisal, make sure you have a written (or verbal) …list of all the improvements you’ve done. Include any work done in the last five years and the approximate cost. If you have floor plans, have those on hand as well.
If it’s a COMMERCIAL appraisal include a list of recent building improvements, historical revenue and your expense statements. Include environmental reports if you have them. You may be asked for more information depending on the property and the purpose of the appraisal.