The cornerstone of appraisal is knowledge, and designated members of the Appraisal Institute of Canada will put their years of training and knowledge to work for you. Keeping up-to-date with current market trends and legal changes that may affect real estate values, our appraisers offer an informed valuation so that you can be assured of the worth of your investment.
What is an appraisal?
When you hire a designated appraiser, you are hiring a dedicated professional that will work for you. Your appraiser will provide an objective estimate or opinion of value of the described property, as supported by the presentation of relevant data analysis.
All reports will demonstrate either one or more of the three data-processing methods used to arrive at an indication of value.
- The Direct Comparison Approach is based on the theory that an informed purchaser would pay no more for the property than the cost of acquiring another existing equivalent property. The value estimate is based on the selling price of comparable properties.
- The Cost Approach estimates the cost of building new property identical to the subject being appraised, at current prices, subtracting accumulated depreciation and adding the estimated land value.
- The Income Approach is used for income-producing property and is based on the theory that value is the present worth of the income stream the property is capable of producing when developed to its fullest use. The net operating income from the property is capitalized into value by an appropriate method and rate.
What Does an Appraiser Do?
The key word when searching for a property appraisal is value.
An appraiser may be hired by a company, institution or private individual to perform a variety of property valuation duties or simply to provide an independent and objective opinion in various areas.
Your Fraser Valley Appraisals appraiser can help you assess the following:
- The current value of property being bought or sold
- The value for mortgage or lending purposes
- The value to assist in investment decisions
- The value of assets
- The value of property involved in a legal dispute
- The verification of damage claims
- The value to measure property tax assessments, capital gains and other taxes
- The property value needed to determine compensation when property is expropriated
Ever Thought of Having an Appraisal?
Here are 10 reasons why you should, Having a complete understanding of real estate value is a critical consideration for making the right decision. Reduce your liability and be assured of reliable real estate appraisals by using professional real estate appraisers with designations from the Appraisal Institute of Canada. Here is why.
Independent, Objective Valuation- The AACI or CRA is required to provide a completely objective opinion of the property value, independent of any other business interests.
Solid, Professional Training - Institute designations are earned, not awarded, after a rigorous program of educational courses that include numerous university-level credits
Proven Valuation Experience - Institute members earn their designation after articling under the direct supervision of an accredited appraiser.
Universal Acceptability - Appraisals conducted by designated Institute members are accepted with Canadian lenders, as well as judicial and regulatory bodies.
Ongoing Professional Development - The Institute has a program for mandatory re-certification of designations so that all members are current with industry trends.
Self-Regulation - The Appraisal Institute governs its members through a strict Code of Ethics, Standards of Professional Practice, and Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP)
Ongoing Partnerships - The Appraisal Institute regularly meets with representatives from governments, real estate, legal, lenders and other financial bodies to create a resource network to discuss industry and other related concerns.
Public Interest - The Appraisal Instituteï¿½s commitment to protect public interest through programs such as Liability Insurance and a complaints process help to reduce associated risks.
Career Commitment - A qualified appraiser is recognized by the designations AACI or CRA, awarded by the Appraisal Institute of Canada. These appraisers have dedicated themselves to a career in the appraisal profession.
A History of Commitment -The Appraisal Institute designations represent more than 60 years of proven commitment!
Knowledge is the cornerstone of an appraisal.
A designated member of the Appraisal Institute of Canada has had years of education and training and puts all of it to work for you. It's their job to keep up to date with changes in market trends and laws that affect real estate values. Combining knowledge and expertise with a thorough investigation of the property and the area, an appraiser will give you a professional opinion that you can trust.