Why You Need an Appraisal

You've decided it's time to buy a home. This is the single largest investment that you will make in your lifetime. That's something that can be pretty intimidating.

Also intimidating is the number of people with whom you will deal with as you look at buying that perfect house. There are a lot of people with a vested interest in your purchase.

• The real estate agent earns a commission.
• The vendor wants to get the best price possible.
• The city charges taxes on home and property.
• The bank gets a mortgage.
• The purchaser wants the best value

A lot of people are involved, directly and indirectly, and each one has their own agenda. Combine that with changing property values, market trends and new laws, and it can seem like there's no one really looking out for you. You may be asking yourself, "who's looking after my best interest?" - "who can I trust?"


Appraisers are Real Estate Consultants.

There is somebody you can call. Somebody who's there, working for you to make sure that you get a fair deal. That somebody is a member of the Appraisal Institute of Canada. You can locate a member in your region using Find an Appraiser.
http://www.aicanada.ca/e/findappraiser_find.cfm

When you hire a member of the Appraisal Institute of Canada, you're hiring a professional you can trust. They work for only one person: you. It's their job to determine the market value of any home or property so that you know the value of what you are buying or selling.


What an Appraiser Does

They can be called upon as a consultant or as a valuation specialist to provide an opinion on:

• the current value of property being bought or sold
• future value of property being built
• value for mortgage or lending purposes
• value to assist in investment decisions
• value of assets
• value of property involved in a legal dispute
• verification of damage claims

The Benefits of Independant Appraisal

You wouldn't buy a car without a mechanic looking at it first. You wouldn't take out a prescription without consulting with a doctor. So why would you buy a house without having a professional valuation?

It's a little known fact that CMHC insured mortgages do not typically have an appraisal prepared. That's all the more reason for you to hire someone who'll give you the professional insight you need to make an informed decision.

Knowledge is the cornerstone of 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 is their professional responsibility to keep up to date with changes in market trends and laws that affect real estate values. Combining their 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.

Knowledge is your bargaining tool when buying a home. You want to be sure you pay a fair price, get a good mortgage rate and receive assurance that the house you get is worth what you pay. An informed purchaser should place the following clause into their Purchase Agreement:

"Subject to a full appraisal being performed and meeting or exceeding the agreed offer".

When you hire a member of the Appraisal Institute of Canada to look at a home you're thinking of buying, you are hiring:

• someone who will provide objective judgment
• someone who has the education and training required to back up their value estimates
• someone who adheres to a professional set of values and standards
• someone who can tell you what the real cost of buying a house SHOULD be

You're not just looking for a house; you're looking for a home. Someplace where you will spend several years and build many memories. It's not just an investment of money; it's an investment of yourself and the years you spend there.

We want you to find the home that's right for you. But, more importantly, we want to help you be sure that you get a home that's worth the money you pay for it.

Before you sign on the dotted line, insist on having a designated member of the AIC involved in your decision. We're on your side.

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