With so many variables in the real estate marketplace, having a appraisal done by a qualified professional gives you a comprehensive valuation your home and peace of mind.
Tiffany Appraisal Services appraisers are CRA certified and provide an independent and unbiased assessment of the value of a home. Whether you are buying or selling, renovating or refinancing our appraisers will find the market value of your property.
The Appraisal Process
An inspection of the property is required to observe the components and characteristics of the subject property that will influence value in the marketplace. The appraisers inspection that into account the following elements:
- the physical characteristics of the dwelling and any outbuilding;
- interior/exterior finishes and systems (e.g. heating and cooling);
- the quality of the improvements; and
- any deficiencies or required repairs.
During the inspection, the appraiser will collect as much information as possible (e.g. room layout, dwelling measurements, information on outbuildings or garage, site improvements, etc.). They must also take photographs to provide a visual representation of the data described in the report. Any major additions or renovations done by the current homeowner and extra features will also need to be photographed.
Estimating the market value requires the appraiser to complete a thorough analysis of market conditions and market activity. This process involves collecting and analyzing between 3 and 10 (or more) comparable properties in order to form a reliable estimate of market value.
Comparing recently sold properties to the property being valued is an important part of the appraisal process. Comparable sales represent what other informed buyers in the marketplace are willing to pay for similar features, location and amenities. But no two properties are alike, therefore the appraiser needs to make adjustments to the actual sale price of these comparable sales to reflect their differences (location, characteristics and amenities) to the subject property.
In a cross-Canada survey by the AIC (Appraisal Institute of Canada), their members rated energy efficiency improvements as one of the highest paybacks — relative to cost– that a homeowner might receive on home improvements.
If you are in the process of financing or refinancing your house and would like an independent, unbiased opinion of property value, please feel free to talk to one of our qualified residential appraisers for more information.