Whether you’re buying or selling your home, finding a good residential appraiser is vital to accurately assessing the value of your property. An appraisal is an unbiased professional opinion of a home’s value. Appraisals are almost always used in home transactions and when you want to refinance your existing mortgage.
So, why is it important to get a home appraisal? For starters, when you apply for a mortgage loan to purchase a home or refinance an existing loan, the lender typically requires an appraisal. The lender wants to ensure that the property’s value is sufficient to support the loan amount. This accurate appraisal can help the lender assess risk and make an informed decision for all parties.
- Canada’s inflation rate fell to 3.4% in May, smallest increase since June 2021
- Canadian home sales climbed 5.1% month-over-month in May
Secondly, when you are buying a house, a home appraisal determines whether the asking price is reasonable and ensures they are not overpaying for the property. On the other side, if you’re selling a house, it can help you set the best selling price.
Tips For Finding the Right Residential Appraiser
Ask for recommendations
To start off, ask people you know for recommendations and search for appraisers in your local area. You’ll want to find appraisers who have experience with residential real estate and know your local market well.
Check for qualifications and experience
Make sure the appraiser you choose has the needed qualifications and has experience working in your local market. You want to be able to fully trust the appraiser and learning more about their experience is vital. Find out more about their knowledge of recent sales and other relevant factors you consider important to your house.
Ensure they are impartial
The appraiser you choose should have no personal or financial interest in the outcome of the appraisal. It’s important to identify any conflicts of interest that may be present to ensure you receive an accurate evaluation.
Rushing to get an appraisal done without doing all your homework isn’t recommended and you should speak with several appraisers to compare prices. Price is one item to keep in mind and you should ask the appraiser for their turnaround time. The last thing you want is an appraiser that constantly delays you due to their workload.
Ask the appraiser for references from past clients and speak with them to learn about their experience. You can also search online to read reviews and testimonials from past clients.