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Retrospective Appraisals for Real Estate

Retrospective Appraisal

A ‘Retrospective Appraisal’ is the process of determining the value of a residential or commercial property at a specific point in the past. These appraisals are generally used for resolving real estate disputes and figuring out market trends.

Appraisers will need all sorts of information, like demographic data and sales and rental records, for performing this evaluation. Similarly, they will analyze historical real estate data to find the right value of a property. Read on to learn more about retrospective appraisals and learn how you can find a quality real estate appraiser in Ontario.

Who Can Perform a Retrospective Appraisal?

Retrospective appraisals are much harder than traditional appraisals and will require a lot of knowledge and experience. For this reason, it’s highly recommended to hire a qualified AIC real estate appraiser. Likewise, the appraiser should have ample exposure to the real estate market of the region to make an accurate estimate.

Irrespective of their experience, appraisers will always need some help from the owners for retrospective appraisals. They will need to get their hands on all the important records and documents. For example, you will be expected to provide your appraiser with legal documents and older photographs of the property.

Many residential appraisal companies in Ontario are offering this service. However, it’s highly recommended to hire someone who is experienced with retrospective appraisals and knows what he/she is doing. National Appraisals is one of the names you can trust. Their experienced professionals have provided their services in multiple cities of Ontario (like Kingston, Ottawa and Toronto) and have a reputation for exceeding expectations.    

Importance of a Retrospective Appraisal

Although retrospective appraisals are often linked with dispute resolution, they can serve several other purposes. For example, they can be used for estate planning and tax assessment. Often we do get inquiries for investment property appraisal with regards to tax planning and or capital gains purposes.

How to Get a Retrospective Home Appraisal?

Retrospective home appraisals help the owners to get the best price for their property. This type of residential appraisal provides an estimate of the property’s value at a specific point in the past and can prove very useful in certain situations. However, you must follow the right steps to get the desired results and here’s how you do it.

Identify the Need

You should always have a clear purpose for any residential or commercial appraisal before opting for it. You should complete your research and be confident that it’s the right choice. Likewise, you should only go for this appraisal when it’s absolutely necessary for your situation because it’s costly.

Find a Professional Real Estate Appraiser

Once you have finalized the need for a retrospective appraisal, it’s time to find a qualified appraiser. You can go to out contact us page by clicking here. We have licensed and qualified professional appraisers that have completed retrospective appraisals for Lawyers and accountants.

Provide Relevant Information to the Appraiser

Appraisers need a significant amount of help from the owners while assessing a property for a retrospective appraisal. For example, they will need to look at the legal documents for confirming the age and size of the property. Past sales and rental records and older photographs of the home can also prove beneficial for the evaluation process.

Similarly, make sure to inform your appraiser about any additions and/or improvements. All these things can help him/her to make an accurate estimate of the market value of your house.

Organize Your Property and Be There

Once you have scheduled the appraisal, make sure that everything’s in place before the appraiser arrives. You should also be available during the appraisal to answer any questions. This will help in getting a better evaluation because any confusion/misunderstanding can cause discrepancy between the price and the actual past value.

Purposes of a retrospective appraisal

There is a wide array of reasons why an individual or an organization orders a retrospective appraisal. Some include but are not limited to: Understanding the past value of a home once a couple move in together, past value of the home for the purposes of divorce, past value of the home for CRA or capital gains purposes, value of the home in the past for personal use purposes.

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