Why do you Need a Home Appraisal?

There are a lot of factors in purchasing a property. On the flip side, there are many factors for lenders before they finance a property. One of those factors that is mandatory and beneficial for both is through a home appraisal. This is the value of a property or the sale price.

Determining the value of a home through a home appraisal is important for both parties. It gives the seller an idea of what their home is worth and the lender a better idea of how much financing the borrower will need.

Moreover, a dated appraisal is required for a mortgage refinance or a home line of credit. This is why it is so important that you have a qualified Canadian Home Appraiser come to your home to conduct a home appraisal.

Whether you are seeking financing, looking to take out equity in your home, or trying to sell your current property, you need an appraisal.

What is an Appraisal?

A property appraisal is a formal estimate or opinion of a property value from an unbiased party. This comes typically in written documentation with a thorough description of the property. Valuation of the property is more than just referring to area sales or a matter of opinion. An appraisal has relevant data presented, too.

In Canada, the real estate market is constantly changing. Valuation means bringing in the services of experienced, qualified professionals. Canadian Home Appraisers know how to recognize factors that impact property value. Appraisal amounts differ from tax assessment values and tend to be higher.

The Appraisal Institute of Canada, a national institute of professional appraisers, is dedicated to high and uniform standards for members. When considering an appraisal, choosing a member of the Appraisal Institute of Canada ensures compliance with the Uniform Standards of Professional Practice of the Institute.