We understand that buying or selling a real property will likely be the most significant financial decision you make in your life. Therefore, market valuations are an affordable way to give you peace of mind about the value of any residential property.
At Thompson Rivers Appraisals, our residential appraisals provide an unbiased, informed opinion of the market value of any property you might be considering purchasing or selling a home, a recreational property, or an investment property. Based on a recognized valuation approach, we consider a range of factors including the size, condition and location of the property, recent sale prices of similar properties, market conditions, and more.
Why Hire An Appraiser
Since buying or selling a property is typically the biggest financial decisions any of us make, knowing the real value simply makes sense. In addition, an appraisal from a designated appraiser may be needed to:
- Ensure you’re not paying more than a property is actually worth. If you’re making an offer on a property, always include this clause in your Purchase Agreement: ‘’Subject to an appraisal equal to or exceeding the agreed offer.’’
- Obtain a qualified opinion of value for mortgage or lending purposes.
- Provide investors with adequate information for making investment decisions.
- Assist in expert opinions of the value of real property as a basis of compensation when a property is being expropriated by government.
- Support expert opinions of the value of real property in legal disputes and settlements
Our Residential Appraisal Process
One of the key methods in valuing residential properties involves comparing competing properties that have recently sold within the neighbourhood and that have similar characteristics to the subject property being valued.
Comparing Recently Sold Properties to the Property Being Valued
Since the objective of the appraisal is to estimate the price that the subject property would most likely sell for if exposed to the market place, recent sales of similar properties are used for comparison and as benchmarks. Comparable sales represent what other informed buyers in the marketplace are willing to pay for similar features, location and amenities.
Adjusting the Sale Price Based on Key Differences in the Property
Considering no two are exactly alike, we gather information on the comparable sales, compare it the information in the subject property, and apply adjustments to the actual sale price of the comparable sales to reflect the differences (better or worse: location, characteristics and amenities) between them and the subject property.
The adjusted sale price of each comparable sale then provides us a reasonable range of value to guide the appraiser in estimating a market value for the subject property.
Benefits to our Clients
Our residential appraisal services are efficient, built on trust and enable you to make informed decisions.