What does an Appraiser do?
An appraiser provides you with an impartial estimate of opinion of value of real estate. The appraisal is usually a written document setting forth an opinion of value for an adequately researched property as of a specific date and supported by the presentation and analysis of relevant data.
An accredited appraiser provides support, advice and valuations on real property. An accredited appraiser is a trained professional who observes, researches and analyzes the real estate market, taking into account the myriad of contributing factors which affect value. They are interested in facts, and will thoroughly investigate the property being researched. In order to do the work to the best of their ability, they keep abreast of current market trends, the general value of real estate in the area, taxes and special assessments.
What services do Appraisers provide?
Accredited appraisers provide a wide range of services, including the following:
* Absorption studies
* Market analysis
* Expropriation appraisals
* Counseling and consulting
* Highest & Best Use analysis
* Estimate of market value
* Expert witness testimony
* Litigation support
* Cost-Benefit studies
* Feasibility studies
* Market rent and trend studies
* Tax assessment review and advice
* Zoning and land use testimony
Why should I get an appraisal?
Investing in real property, either buying or selling, can be one of the most important financial decisions you will make in your life. An appraiser offers an unbiased, informed opinion of the market value of the property you are interested in.
What is the purpose of an appraisal?
Professional opinions on real property valuation are provided on:
* Feasibility studies and consulting services
* Future value of property being developed
* Mortgage security purposes
* Property tax assessment
* Capital gains and income tax purposes
* Estate and litigation matters
* Compensation due to expropriation situations
* Current value of a property being bought or sold
Why should I hire a member of the Appraisal Institute of Canada (AIC)?
Members who hold the AIC designations of AACI, P.App or CRA have met rigorous educational and experience requirements. They adhere to strict standards of professional appraisal practice and ethics. All members are required to participate in continuing education programs, making them the preferred choice for high quality appraisal services.
How much will an appraisal cost?
Each appraiser will quote their own fee. The appraiser will suggest an appropriate fee based on the anticipated work involved in the project. The fee will depend on the complexity of the assignment, the type of report required, the time frame within which the assignment must be completed, as well as an appraiser's expertise, knowledge and reputation. The cost of an appraisal is relatively small in relation to the overall cost of your investment.