The Appraisal Process
An appraisal is a formal and impartial estimate or opinion of value, usually written, of an adequately described property, as of a specific date, and supported by the presentation and analysis of relevant data. It is prepared by a qualified individual for reliance by identified parties for which the appraiser accepts responsibility.
We look at aspects of the property that could positively or negatively affect its value such as the zoning, site and building size, number of rooms, room layout, garages, finished or unfinished basement, interior finishing, exterior finishing, occupancy, quality, condition and amenities.
Data Collection + Analysis
Next, we collect and analyze additional information that can affect the property’s value: community and neighbourhood; address; land use classification; the age of the improvements; purchase price; sale date; previous sales history; current real estate market data; comparable sales and listings.
Direct Comparison Approach
We research both listings and sales in the area to finds ones that are comparable to the property being appraised. Real estate agents and/or owners are usually contacted to confirm the condition and features of these comparable listings. We use our appraisal methods to calculate the value of certain items such as improvement size, features, upgrades and other value-enhancing characteristics. Differences are identified between the subject property and the comparable sales and listings, and if there is value in those differences, adjustments are made. Agreement may be found among the adjusted values, or the adjustments may result in a range of values.
Final Estimate of Value
We arrive at a Final Estimate of Value by applying greater weight to one or more of the approaches to value, ie: Cost Approach, Comparison Approach or Income Approach if applied. After consideration of the approaches utilized, a Final Estimate of Value is based on the appropriate approaches utilized.
Residential Report Form
To complete the final report, a number of addenda are prepared. These can include photos of the interior and exterior of the property, community map, neighbourhood map, subdivision site map or plan, aerial/satellite map, floor plan or drawing of the dwelling (or a registered condominium plan), comparable sales map, and comparable listings (photos, feature sheets). The appraiser reviews and signs the appraisal, communicates the findings to the client, and delivers the report.
Commercial, Agricultural or Investment or other Narrative Reports
More detailed narrative reports are provided for agricultural, commercial, industrial, investment properties.
Fees / Quotes
We will provide a firm, detailed quote for all of our appraisal services. If you would like to receive a quote, please contact us to discuss your requirements.
At Roland/Weir Appraisal Associates, we have convenient payment options for our appraisal services.
Payment for services is due before reports are provided. We accept cash, cheque, major credit cards (VISA and Mastercard), and e-transfers. Payments are processed immediately onsite and receipts are provided via email or text. Customers who receive invoices may call our office with credit card information, or send payment using Interac® e-transfer. Please contact our office for details if you wish to pay by e-transfer.