What You Can Expect The Appraisal Process To Entail
The following information is provided to help the property owner and properties resident(s) understand the process and preemptively alleviate any stress an appraisal might cause.
The appraiser will need access to the entire interior of the subject property including any part of the property that is rented and/ or leased.
The inspection will include taking photos of at least six (6) rooms but some appraisals require more.
The inspection will include looking at the furnace/boiler/hot water tank/electrical panel/s.
The interior inspection usually takes between 15-30 minutes, depending on the size of the property.
The exterior inspection usually takes between 10-20 minutes, depending on the size of the property.
If the subject property has recently been renovated, we will require a list of the work completed and the cost of doing so. If you have copies of the subject properties’ floor plan, please make them available to us via email: info@ecomappraisals.com so that we can include them in the report.
Please understand, we can only release our evaluation report to the client who ordered it. If the properties’ residence are not the client(s) who ordered the appraisal, they will not be entitled to a copy of our final report.
Professional Appraisal Organizations
Industry Leaders & Crediting Bodies
Appraisal Institute of Canada www.aicanada.ca
Canadian National Association of Real Estate Appraisers www.cnarea.ca
British Columbia Association, Appraisal Institute of Canada www.appraisal.bc.ca
Real Estate Institute of British Columbia www.reibc.org
FAQ’s
Q: What is a real estate appraisal?
Answer: A real estate appraisal is an estimate of the market value of a piece of real estate. There are various purposes for an appraisal such as; buying or selling real estate, retrospective value for capital gains required by accountants the CRA (Canadian Revenue Agency), partial takings in the case of expropriation (municipal, provincial or federal governments), division of assets in the case of divorce and preservation of wealth in new partnerships.
Q: When would I need to order an appraisal?
Answer: An appraisal is usually required when you are; Buying or selling a home, refinancing your mortgage, home renovation, marriage or separation, capital gains, estate planning and settlement.
Q: Who does the appraisal?
Answer: Real estate appraisers are educated to interpret the market data for the purpose for which the appraisal will be used. For example, the appraiser would consider current conditions and sale prices to establish current market value for buying and selling purposes; The appraiser would consider past conditions and past real estate prices for a retrospective appraisal for capital gains purposes.
Q: What should I expect on the day of appraisal?
Answer: The appraiser will inspect the exterior and need to access the interior of the property and all rental units included.