What is a Home Appraisal in Calgary?

Looking for a home appraisal in Calgary? A home appraisal is an opinion of the value of a home. Home appraisal is an unbiased professional estimate of a property's worth.

Sellers and buyers often require the services of a professional to evaluate their homes. An individual qualified to conduct this exercise is called an appraiser. An appraiser’s opinion usually follows an inspection of the home. Some key factors are considered during this inspection. They include the location, condition, and features of the property.

From our experience at Chamberlain Group, it is a vital tool in real estate transactions. This includes purchase and refinance transactions. Here, we will examine home appraisal in detail.

What are the Home appraisal costs in Calgary?

Home appraisal costs in Calgary is between $350 to $650. A home appraisal, according to Benchmark Real Estate Appraisal's article, typically costs from $350 to $650 in Calgary.

From our experience at Chamberlain Group, buyers usually bear this expense. It is included as one of the closing costs. The lender picks an appraiser for the job. However, the borrower pays the service fee. The report is sent to the client – the lender.

The cost of appraising a home is dynamic. Here are a few factors that contribute to this:

Property type: The cost increases with the size. More complex structures will cost more to appraise.
Condition of the property You will pay more if your home is damaged.More damage means more time spent to evaluate the building.
Seasonal conditions: If accessing the property becomes challenging due to the season, an appraiser will charge more.
Features: A property with many features will attract a higher fee.
Type of Appraisal: Appraisal types vary from drive-by and rent appraisals to more comprehensive reports. Detailed appraisals will attract higher costs.
Turnaround time: The urgency of an appraisal also influences its cost.
Qualification of the Appraiser: Experience and qualifications influence the appraisal fee. Appraisers with long-standing expertise and specialization are likely to make accurate appraisals and will charge more.

Do I get a home appraisal report before or after the offer?

A home appraisal report is received after an offer. The Property appraisal report, according to Libby Wells of Bankrate, is prepared after your offer. First, your lender will request a property appraisal. This is to determine the value of the home. The cost of the exercise will be covered by you – the homeowner. After the exercise, the appraiser draws up a report, which is the property of the lender. However, you can request a copy from the appraiser through written permission from the lender. The Canadian Uniform Standard Professional Appraisal Practice(CUSPAP) binds Appraisers under AIC to answer only to their clients – the lenders. Hence, as a homeowner, you can only receive the report only if you are authorised by the lender. However, in the US, the lender must send a copy of the report at least 3 days before closing.

Can I get a free home appraisal in Calgary?

A free home appraisal is available in Calgary. Free home appraisals, according to Jeff Rose of Good Financial Cents, are offered by some reputable real estate websites in Calgary.

These free online home appraisal apps are useful in estimating the value of properties. These sites use the sales data of similar properties in your area to estimate your home's value. You are only required to provide the address and the type of property. From our research at Chamberlain Group, here are some sites for free home appraisal in Calgary.

Zillow
WOWA
Other real estate company sites in Calgary.

How much does a home appraisal cost in Calgary?

Home appraisal costs from $300 to $500. Home appraisal fee, according to Chermabalian Group's article, ranges from $300 to $500. However, it can go up to $650, depending on the location. From our experience at Chamberlain Group, it is usually part of the closing costs in real estate investment. The home appraisal depends largely on the physical properties.

What Real Estate appraisal services are available in Calgary?

Real Estate Appraisal services available in Calgary are many. Real Estate appraisal services, according to the Appraisal Institute of Canada article What Appraisers Do, cover different property types. From our study at Chamberlain Group, here are some of the services offered by real estate appraisers in Calgary.

Residential Appraisal:

This service estimates the value of major residential properties. These buildings include single-family homes, townhomes, and condominiums.

Commercial Appraisal:

This focuses on commercial properties, like offices and retail properties. It also covers multi-family properties and developmental lands.

Industrial Appraisal:

This service covers manufacturing facilities and warehouses. Others are distribution centres and garages. It demands a deep analysis of fair market value and potential income generation.

Agricultural Appraisal:

This focuses on the value of agricultural properties and assets. These range from land, crop productivity, and other infrastructures.

Which companies have extensive experience in Calgary?

Several companies in Calgary have a wide range of experience in real estate appraisal. Experienced real estate appraisal companies, according to Calgary’s Best Rated article Best Property Appraisers in Calgary, are many. From our study at Chamberlain Group, here are some of the top home appraisal companies in Calgary.

Wernick Omura Singh
Schroeder Consulting LTD
Omnis Valuations & Advisory Ltd

What is on a real estate appraiser checklist for Calgary?

A real estate appraiser's checklist contains many items. A real estate appraiser's checklist, according to Jim Probasco of Investopedia, depends on the purpose of the appraisal.

For a conventional loan appraisal, there are pertinent factors to consider. This checklist contains a list of factors that are important to a lender, like a bank or credit union. Here are the items on a conventional loan appraiser's checklist.

Condition of the home
Condition of appliances, heaters, furniture, and more
Size of the house and property
Quality of roofing and foundation
Number of rooms, bathrooms, and bedrooms.
Presence and state of a basement
Upgrades on the property
Neighbourhood settings
Condition of driveway
Zoning classification
Fencing
Fireplaces
Energy-efficient features.

How does the home appraisal process work in Calgary?

The home appraisal process starts immediately once a purchase price is agreed. A home appraisal process, according to Bob Musinski of Forbes, begins after the acceptance of an offer. From our experience at Chamberlain Group, early commencement of exercise provides enough time for the review of the report. It is one of the first steps in the closing process. Here, the lender contracts the service of an appraiser company or an appraiser. The professional’s job is to honestly estimate the value of the property. This exercise involves an appraisal inspection of the property. It is scheduled by the appraiser and seller of the property. The exercise is not complete without an analysis of the real estate market trend of the area. The appraiser then generates a report, which is sent to the lender.

Besides this strategy, there are other methods to conduct a home appraisal. An appraiser may choose the valuation approach or cost-based approach. The property valuation approach involves comparing the sale price of similar properties in the same area. A cost-based method considers the amount to erect the same home now plus the land value.

What are the requirements for a home appraisal in Calgary?

The requirements for a home appraisal are many. Home appraisal requirements, according to the Appraisal Institute of Canada article For Residential Property Owners, include six items. Their requirements are the same, irrespective of who requests an appraisal. From our study at Chamberlain Group, here are the six requirements for a home appraisal. The appraiser must:

Schedule a convenient time for inspection.
Set aside 20 -40 minutes for the inspection.
Gather as much information on the interior and exterior of the home during the visit.
Take photographs to collaborate the data in the real estate appraisal report.
Ask about important features of the property, like the date of construction and major renovations.
Conduct market analysis and gather data on the market activity of the property.

Do I need a home appraisal for selling in Calgary?

Home appraisal is not compulsory for sellers. A home appraisal, according to Scott Leventon of FastExpert, is not a prerequisite. They are usually conducted by the buyer's lender. But, our experts at Chamberlain Group recommend you appraise your property before listing. This exercise is important when your home differs from other buildings in the same area.

Do I need a home appraisal for refinancing in Calgary?

A home appraisal is needed for refinancing. Home appraisal, according to Erik Martin of Bankrate, is required for refinancing. From our experience at Chamberlain Group, lenders conduct Appraisal on your home. This is to determine the current value of your home. This ensures that lenders do not loan more than is necessary.

Do I need a home appraisal for taxes in Calgary?

A home appraisal is not needed for property taxes. Home appraisal, according to Jim Akin of Experian, is not used to calculate taxes. Our experts at Chamberlain Group state that home appraisal is useful when financing a home purchase or selling a property. Property taxes are based on the property assessment value.

Is there a home appraisal calculator for Calgary?

A home appraisal calculator is available. Home appraisal calculators, according to Erica Alini of GlobalNews, are accessible online. Homeproof is an incredible online calculator for home appraisal. This service is available in Calgary, Edmonton, Ontario, and British Columbia.

For more insights on home appraisal, contact us at Chamberlain Group.

Posted by Jared Chamberlain on June 14th, 2024