Appraising a property has so many benefits, since no two pieces of real estate are identical. If you intend to buy or invest in real estate in Vancouver, Surrey, Kelowna, Victoria, or elsewhere in BC, finding the right appraiser to support in the process is important to keep in mind. Professional appraisal companies prepare the reports and offer an opinion of the estimated value based on several market and subject property details. An appraisal report is highly dependent on the expertise and objectivity of the property appraiser, and the assumptions they make.
Benefits of a Home Appraisal
There are numerous benefits of having a professional appraisal prepared. Reasons for having an appraisal report prepared would be:
- to determine property value for a potential property purchaser as he contemplates an offer to purchase
- to determine property value for the mortgage financing requirements by a mortgage lender
- to determine property value for house / building & property insurance
- to determine property value as you try and figure out an asking price for your property
- to determine property value if you appeal your property tax assessment with the municipality
- to determine property value as you deal with family estate matters such as death or divorce
- to determine property value for potential property expropriation purposes
- to determine property value for any court litigation purposes
- to determine property value for capital gains taxation
If you seek to get an appraisal completed in BC, ensure you search out appraisal companies who have their professional designations and are regulated by their associations.
Two appraiser designations to be on the lookout for when looking for a property appraiser are:
It is extremely important to find the right appraiser especially if you intend to invest in real estate. Need more info on property appraisals or pursuing a home equity loan? Get in touch with Jim today for a friendly chat at 604.620.2697.
Silver Hill Blog
Jim Horvath is the principal broker and director of Silver Hill Mortgage Corp., arranging private mortgage loans in British Columbia for over 25 years.