There are many reasons why Vancouver real estate sellers need an appraisal.
Reduce property taxes, probate, estate planning, divorce settlements are some. However, the most common one is to obtain a mortgage.
What is an appriasal? An appraisal is an objective supported opinion of value of an adequately described piece of property made by a certified appriaser, who has sufficient knowledge, training and experience to accurately estimate its value. In this detailed and time consuming report, appriasers use comparable sales together with information about the property being appraised, its neighbourhood and community along with the local and national economy, to support the appriased value.
How is value established?
The value of a home is based on recent sales of the similar neighbouring homes in the market as well as rentals and listing date.
Ideally appraisers will use sales of properties of the same size, age, room count, condition and with similar amenties and external influences. However, this rarely happens, so adjustments have to be made, based on what people will pay extra for.
A house will appraise for more when -well maintained inside and out -located in a good school district -additions are done with the proper building permits -homes in the neighbourhood are of a similar quality - not overly improved or the largest home on the block -zoning changes are not expected -the style of the house conforms with the neighbourhood
The Golden rule - location, location, location! One can change everything about the house except its location!
Buying or Selling Vancouver Real Estate?
Contact Maggie Chandler - Vancouver Realtor with hyper-local experience!