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- Residential Appraisals on Prince Edward Island
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We understand that you may have many questions about the appraisal process, and we are here to provide answers. We’ve put together a list of some of the most commonly asked questions to help you better understand what to expect during a home appraisal. Whether you are a homeowner, buyer, or real estate agent, we hope that the information provided on this page will be helpful in addressing any concerns or uncertainties you may have. Please feel free to contact us if you have any additional questions or would like to schedule an appraisal for your property.
An Appraisal can be defined as a formal opinion of value, as per the guidelines provided by the Canadian Uniform Standards of Professional Appraisal Practice. It is created as a result of being retained by a client, with the intention of being relied upon by specific parties, for which the appraiser is accountable.
To perform an appraisal, the appraiser conducts careful research into relevant market areas, gathers relevant data, employs appropriate analytical techniques, and utilizes their knowledge, experience, and professional judgement to formulate an appropriate solution to the valuation problem at hand.
What is the purpose of obtaining an Appraisal? There are several reasons why clients may require the services of an AIC-Designated Appraiser. These reasons include, but are not limited to:
AIC-designated appraisers are trained to complete appraisal, review, consulting, and reserve fund planning assignments within their area of expertise. This may include a wide variety of property types, such as single-family homes, office buildings, shopping centers, rental properties, condominiums, hotels, retirement and long-term care facilities, industrial sites, recreational sites, farms, orchards, vineyards, and many more.
To determine the accurate value of a property, an inspection is required to assess its size, location, quality of construction, number of rooms, measurements, site improvements, outbuildings, and views. After the inspection, the appraiser carefully researches and analyzes information from various reliable sources to compile an appraisal report with due diligence.
We understand the importance of privacy and confidentiality. Our appraisal reports are considered confidential and will only be released to the original requestor of the report. Additionally, we will only share the report with other parties if we have the original requestor’s explicit permission to do so.
The Canadian economy relies heavily on the real property market, which impacts all sectors of society. Reliable and impartial valuations are crucial to the decision-making processes of individuals, businesses, and governments when conducting real estate transactions. AIC Designated Members are experts in real estate appraisal, and they play a crucial and direct role in the real estate sector. Their primary responsibility is to determine, document, and verify the actual value of properties. Their evaluations serve as the foundation for informed real estate decisions, whether it is a family purchasing their first home, a farmer selling a piece of land, a retailer determining a new location, a developer considering an undeveloped lot, or a lawyer arguing a case.
The profession of an appraiser provides a fair and unbiased estimate of value for a property within a specific marketing time. Lenders, lawyers, and government agencies rely on the appraiser’s valuation for fair market assessments. On the other hand, a realtor can offer a reasonable list price for a client’s home through a Comparative Market Analysis, a one-page document that outlines sales and listings in the area. A realtor is knowledgeable about the buying and selling process and can provide advice accordingly. However, realtors are not responsible for providing opinions on market values. A home inspector’s role is to examine the condition of the home and ensure that all components are working appropriately, but they do not provide market values.
The price of an appraisal may differ based on factors like the property’s location, type, size, and special features such as waterfront access or subdivision potential. Mutli-family property appraisals are determined on a case-by-case basis since they can be more intricate. At our company, we are happy to talk about your appraisal needs and offer a complimentary estimate, as well as a timeline for completing the appraisal report.