Residential property appraisals can fall into 3 different categories:
This type of appraisal is usually requested by your prospective lender(s). Mortgage lenders may request this appraisal to find the true value of the home and get a few comments about the interior condition of the property.
Usually, a mortgage financing appraisal is done when your mortgage is non-CMHC insured. Since CMHC is not insuring the mortgage, your lender requests an appraisal to see the exact value, comparable sales, and interior condition of the property to ensure adequate financing.
Lenders contact us for appraisals for refinancing in addition to mortgage financing for the purchase.
The majority of real estate investors use this tool in order to get financing for future projects or existing renovations. This tool allows them to grow their real estate portfolio and or allow them to renovate their existing portfolio so that their asset is always up to date.
Looking to sell your home? Are you getting conflicting values from different sources?
An appraisal report, by a certified and licensed appraiser, can help! Appraisers are valuation professionals and can give an exact estimate of your home’s true value.
Additionally, an appraisal report may indicate that the value of your home could be greater than what you have been told because of unknown reasons such as zoning, future potential uses, upcoming bylaw amendments, and minor changes in the official plan that can be easily overlooked.
It is important to get an appraisal done by only certified and licensed appraisers. An opinion of value has no merit, and the person giving an opinion of value cannot be held responsible.
Looking to get a new property to live in? or are you looking for an investment property?
We do get a lot of requests from different buyers to value a property that they are looking to buy. An appraisal report can help in order to minimize and mitigate the risk of overpaying for a particular property. A pre-purchase appraisal can help you potentially save thousands of dollars, or give you the advantage when you are purchasing a property.
Benefits of a pre-purchase appraisal:
If you’re looking to order an appraisal, please click here.