What do appraisers do?

A professional real estate appraiser specializes in giving an opinion of value on various types of property. They charge a fee based on the type of property, complexity of the job, location of the property etc.

All appraisers who are members of the Appraisal Institute of Canada must meet certain uniform standards of professional appraisal practice and a strict code of ethics. No appraisal assignment is to be accepted contingent upon a predetermined value.

An appraiser can help price your property if you need the value appraised for various reasons, as pricing is vitally important. An appraiser can also give you suggestions on how to prepare your home for selling (i.e. any basic cosmetic improvements or repairs, etc.) in order for your property to show its best and obtain its maximum return.

What is an appraisal?

An appraisal is a professional estimate/opinion of value which is supported by research and analysis of relevant market data at a certain date.

An appraisal report includes the following;

1. The final estimate and conclusion.
2. The effective date of the appraisal.
3. The purpose of the appraisal.
4. Identification and description of the property.
5. Analysis and interpretation of the data and the assumptions made.
6. The certificate and signature.
7. Photographs of the property and maps situating the property.

To determine the final estimate of value the appraiser uses the most appropriate method of valuation for that type of property and supports his/her conclusion by factual and relevant market data which has been analyzed and verified.

In order to complete an appraisal, a professioal appraiser does an extensive inspection of the property analyzing the location, condition, upgrades, etc. and details the property fully in his/her appraisal document.