Why do I need an appraisal?

Whenever a decision is made regarding real estate asset often an exact value is required to ensure fairness and equity is achieved among all related parties. Here are a few typical situations: to determine a loan amount in a mortgage, to determine a buy out amount in a separation or to determine taxes owed from

How is an appraisal value different from BC Assessment?

An appraisal is considered much more accurate than an assessment. An appraisal is based on a full exterior and interior inspection of the property and requires an appraiser to carefully research comparables sales and listings found in the neighborhood. BC Assessment values are based on a July 1st valuation date and is based on mass

How does an appraiser determine the value?

In a residential context, the most appropriate approach to value is the direct comparison approach to value. In this approach, a value is determined by analyzing comparable properties that have sold within a given time frame and adjustments are made for any differences. The appraiser then reconciles the adjusted values and applies judgement to determine

What impacts the value of a property?

There are many features that impact the value of a property. Some of the most important ones include: the location, size and utility of the site, the age and quality of the improvements, maintenance and upkeep of the home, as well as any positive or negative site influences, such as 180 degree ocean views or

Who gets a copy of the appraisal report?

The report belongs to the person or party who initiated the appraisal request, otherwise known as the "client". It is the client who receives a copy of the appraisal report and nobody else. It does not matter who pays for the appraisal. In a mortgage financing context, it is the broker or lender who made

What is Remaining Economic Life?

Remaining economic life (REL) is the estimated time period for which the improvements (the house/building) continue to contribute to the value of the property. It describes the amount of time a home will remain on a site, until it is to be demolished for redevelopment. Things that affect REL are: the age and condition of

What does an appraisal site visit look like?

An appraiser will complete a full exterior and interior inspection of the property. This involves taking measurements, photos of each room and may take 20-40 minutes to complete. An appraiser may request the following information: lease or rental information, a list of recent updates or renovations, strata fees, etc. The property does not need to

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