Q: What constitutes a good appraisal?
A: It should be accurate and well written. The data used should be current, be presented in a clear and concise manor, and should be applicable to the analysis at hand. As well, the conclusions should be consistent with information provided within the body of the report. For example, if the property is reported to be in good or poor condition in the report, this should be reflected in the final value estimate.
Q: How long does it take to complete an appraisal?
A: Appraisals vary depending upon the complexity of the property being appraised. After inspecting the subject property, researching and analyzing the data, and writing the appraisal report could take anywhere from two to five hours to complete. Typically, however, we project two to three hours for typical in-city residential properties. Normally our residential appraisal reports are completed and delivered by email to the client within a day of the inspection of the property. Occasionally we are able to complete an appraisal the same day it is requested.
Q: How much does an appraisal cost?
A: At the risk of sounding evasive, it must be stressed that appraisal fees vary with a number of factors, mostly depending on the complexity and diversity of the assignment. Our fees are for an average single family residential property in the City of Nanaimo, on a standard size city lot that is not waterfront. Acreages; waterfront; multi-family (up to four units); tenant-occupied; large executive or estate-style residences with multi-levels and/or multi-corners, bays, and unique footprints; large extra outbuildings (barns, shops, enclosed swimming pools, guest cottages, studios); second residences; travel time, ferry tickets (where applicable), and mileage costs, etc. add to the time and expense that it takes to complete an appraisal assignment, hence the fees will reflect these secondary and additive components of the assignment. All of our appraisal fees are competitive with other full-service residential real estate appraisal firms in the area. For a free, no-hassle quote relating specifically to your property and your appraisal needs, it is recommended that you contact us directly, either by email or phone.
Q: How do you determine the value of a property?
A: This also varies to some extent depending upon the nature of the property. For example, single family residences and vacant land are typically valued by way of the Direct Comparison Approach by selecting other similar properties and making pertinent adjustments to arrive an estimate of value specific to the subject.