Frequently Asked Questions

What is an Appraisal?

An appraisal is a professional report prepared by a qualified, certified appraiser. An appraisal provides a Market Value Estimate of your property based on recent comparable sales in the area.

Why do I need an Appraisal?

The reasons for performing a real estate appraisal are varied. Clients typically seek out a professional appraiser for an opinion on:

• Current value of property being bought or sold
• Future value of property being built
• Value for mortgage or lending purposes
• Value to assist in investment decisions
• Value to measure property tax assessments or other taxes
• Verification of damage claims resulting from fire, hail, windstorms and other disasters
• Value of property to determine compensation where property is to be expropriated
• Value of property involved in litigation
• Value of private property acquired by governments for public use
• Value of property as it affects pending business mergers or dissolution

In addition there is an increasing demand for feasibility studies and consultative services offered by valuation professionals. In recent years, the real estate industry has experienced significant and ongoing changes. Today’s professional real estate appraisers are highly qualified and better able to serve the expanding needs of the marketplace with a wide range of value-added real estate advisory and consulting services. For example, arbitration, expert testimony, cost benefit studies, asset/portfolio management, due diligence and tax assessment appeals are among the value added services now offered by AIC members, serving an increasingly broad base of public and private sector clients.

What Does An Appraiser Do?

Typically, appraisers are engaged by a diverse range of clients to provide a professional opinion or consultative valuation services on the quality, value or utility of a specific property. Appraisals may be required for just about any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centres, hotels, industrial sites, and farms, whenever real estate is sold, mortgaged, taxed, insured, or developed.

What is the difference between an Appraisal and a Home Inspection?

Corrie Appraisals will inspect your home on the basis of size, rooms, general condition, etc., to form an overview of your property in order to compare it to similar properties sold in the area. A home inspector will look at wiring, plumbing, etc., to advise a home-buyer of the condition of those elements of the home but will not provide an opinion of value.

What is the difference between a Realtor’s valuation and an Appraiser’s?

Corrie Appraisals will give you a market value estimate of your property based on an intensive analysis of the local real estate market.

A realtor will provide an opinion of value to establish an appropriate listing price to market your property. Listing prices and market values usually differ.

What can I expect in my Appraisal report?

An appraisal report by Corrie Appraisals will contain:

• current photos of the interior, exterior and neighbourhood of your property.
• factual details of the your property: measurements, # rooms, land size, etc
• recent comparable sales in your area, which may be adjusted for differing qualities
• maps, plans, etc for the property
• a Market Value Estimate of your property.

How long does an Appraisal take?

Depending on location and seasonal influences, Corrie Appraisals tries to provide a turnaround time of 1-2 days from the time of viewing the property.

How much does an Appraisal cost?

The cost of an appraisal varies depending on location, type and size of property, and any other extenuating factors, such as subdivision potential, waterfront, etc.

The basic cost for a single family home on a city lot in Salmon Arm usually ranges from $250 to $300 plus HST. This price will vary depending on the above factors.

We would be glad to discuss your specific appraisal requirements and provide a fee estimate and time frame to complete the report.

Who should order an Appraisal?

Quite often banks/brokers wish to order the appraisal themselves. You should check with your bank or broker so that it is done the correct way.

What qualifications do appraisers need?

Real estate appraisers need to be able to make prudent judgements and independent decisions. They must be skilled in gathering and evaluating facts, and must understand how to access the variety of data sources that are needed for comparisons and analysis. Technical competence in reading survey drawings and blueprints and identifying construction features and materials is applied in many situations.

Critical thinking and analytical skills are essential for individuals involved in formulating opinions who work in consulting and advisory capabilities.

How can an Appraisal help me appeal my Tax Assessment?

Corrie Appraisals can provide an opinion of market value as of the date of the assessment, usually July 1 of the preceding year. This estimate will indicate if your assessment is reasonable. If you feel you have a case, the appraisal can be used by you in your negotiations with the Assessment Authority and/or your appeal, as evidence of the market value of your property.

Which home renovations add most to the value?

Home renovations may or may not increase the value of your home. Certain renovations, such as kitchens & bathrooms, will increase the value of your home more than others, such as landscaping, basement finishing or swimming pools.

The Appraisal Institute of Canada provides a program called Renova, that may help you decide which renovations are best for your situation. Renova: www.aicanada.ca/cmsPage.aspx?id=70

Can’t find the answer to your question? Contact us at Corrie Appraisals Ltd., and we’ll be happy to answer all your questions.