If you are buying, selling, refinancing, or settling an estate in Ontario, you will likely need a real estate appraisal. At National Appraisals, we understand that the appraisal process can sometimes feel overwhelming. To help you navigate this essential step in your real estate journey, we have compiled a list of the most frequently asked questions we receive from our clients.
Will I Be Getting a Full Appraisal Report?
Yes, absolutely. When you hire National Appraisals, you will receive a comprehensive, certified appraisal report. Our reports are meticulously prepared and signed by a candidate member who conducts the inspection, and thoroughly reviewed and co-signed by a designated member. For residential properties, this is typically a CRA (Canadian Residential Appraiser), and for commercial properties, an AACI (Accredited Appraiser Canadian Institute). This ensures the highest level of accuracy and professionalism.
What is Included in a Real Estate Appraisal Report?
A standard appraisal report is divided into several key sections to provide a complete picture of your property’s value:
1.Property Information: This includes the number of bedrooms, square footage, assessment data, and owner details.
2.Direct Comparison Approach: This section compares your property to similar, recently sold properties in your specific neighborhood.
3.Cost Approach: This calculates the cost of rebuilding your property from scratch, factoring in current depreciation.
4.Photographs and Addendums: A visual record of the property, including interior and exterior photos taken during the inspection.
Note: Due to privacy regulations, we cannot share sample reports from other clients, but we ensure your report meets all industry standards.
What is the Appraisal Process?
The process is designed to be seamless and efficient. Once you order an appraisal, we assign a qualified appraiser to your file. The appraiser will contact you to schedule a mutually convenient time for the on-site inspection. During the visit, they will take necessary photographs and notes. Following the inspection, the report is compiled. The invoice is due prior to the final delivery of the report, allowing you the opportunity to meet the appraiser and ask any immediate questions during the site visit.
How Long Does the Appraiser Usually Take?
The duration of the on-site inspection varies depending on the property type. For standard residential properties, the inspection typically takes between 15 to 30 minutes. If the appraiser has previously evaluated the property, it may be even faster. For complex or commercial properties, the inspection can take anywhere from one to two hours.
Do I Need to Clean the House Before the Appraisal?
This is one of our most common questions! The short answer is no, you do not need to deep clean or declutter your home. Appraisers are trained to look past everyday clutter. However, it is highly recommended that you repair any minor damages, such as holes in the wall or peeling paint, as appraisers must note any detrimental conditions in their report. Additionally, ensure that the appraiser has a clear, unobstructed path to walk through the home and take clear photographs of the floors, walls, and ceilings.
Which Areas in Ontario Do You Service?
National Appraisals proudly serves a large portion of Southern and Eastern Ontario. We have four dedicated offices located in:
If you are unsure if your property falls within our service area, simply contact us with the address, and our team will quickly confirm our availability.
Ready to Get Started?
Whether you need a residential appraisal for mortgage financing or a commercial valuation, our team of certified professionals is here to help. Contact National Appraisals today to request a quote and ensure you have the accurate data you need to make informed real estate decisions.