Q: What is involved in the appraisal process?

A: When an appraisal is ordered through Accurate (Peel) Appraisals Inc. the first step in the process is to determine a clear purpose and the intended user of the final report, as well as conducting some preliminary research on the property in question to determine the appraisal fee and timeline. Once the order is established an inspection will then be scheduled for the property to be appraised (for all full appraisals). During the inspection the appraiser will view both the interior and exterior of the property and any structures, measure the square footage of the building(s), take photographs throughout, and make notes of the different finishes, condition, features, etc. within the residence/building(s) or on the property. After the inspection is completed the appraiser will then write an appraisal report, which can range from anywhere between 10-80 pages or more, depending on the type of appraisal ordered. An appraisal report includes a number of components, including a minimum of one valuation approach (usually the Direct Comparison Approach – comparing the subject property to recent, similar sales in its neighbourhood), in order to determine a Final Estimate of Value of the appraised property. Once the report is finished and the value established the report is sent to the intended user, completing the appraisal process. The office staff remain available throughout this process, and after completion, to answer any questions or address any concerns surrounding the appraisal or to direct them to the appraiser where necessary.

 

Q: What are the best ways to improve the value of your home?

A: Painting and staging provide the best returns on your investment, renovating kitchens and bathrooms is also very effective.

Q: Should I buy or sell first?

A: When buying another resale home, it is normally preferential and financially advantageous to have sold your home or be in the process of doing so before buying another resale home. Matching closing dates within the perspective of less than 6 months closing date is not that difficult and with interest rates being at or near all time lows, bridge financing is very affordable and in some cases very preferable in facilitating a less encumbered move.

Q: What about when you buy a new home ?

A: Normally once construction starts on a brand new home, it is approximately a 100 days till completion. Assuming the builder will give you a "reliable" starting time, say foundation dug and poured spring of 2014. Then you should seriously consider holding off until Late January or Early February before listing. This is all based on the premises that market conditions are assenting or remaining equal. Last but not least the construction industry, is from time to time fraught with labour issues. So stay aware of any possibility of pending strikes. This can and has caused significant delays in the past.

Q: What type of upgrade don't add a lot of value to a property?

A: Hot tubs and in-ground pools typically do not provide much value to a potential buyer. They are personal use luxuries, although they could sway a buyer, they don't add a lot to the value of the property. Finished basements also don't often provide much value compared to the cost of renovating an unfinished basement.

Q: Is a new home more valuable than an old one?

A: Statistically new homes (5-10 years old) provide a better value compared to similar older homes. The word new itself is a big selling feature. The are also more modern and fit the current design trends.

Q: What role does an appraiser typically play when expropriation is involved?

A: The appraiser has a key role in any infrastructure projects requiring property acquisition. Although acquiring authorities initiate the need for appraisal services, those whose property is affected also require professional advise. Appraisers acting for claimants can act as consultants on valuation issues, prepare reviews of reports by others, or provide complete appraisal reports.