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Cost of home or condo appraisal by an accredited real estate appraiser

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What is the cost of hiring a chartered or home appraiser?

Have you have made the decision to sell your property and want its accurate market value? We can offer you the best solutions that are tailored to your needs.

Determining the fair market value of your property is critical before a sale. It will help you to establish, together with your real estate broker, the best selling price to ask for. The appraisal report will also justify your asking price and will give you the leverage you need when buyers want to negotiate the selling price.

Selling a house can be an emotionally-driven process. A qualified and certified appraiser can provide an unbiased opinion of the property’s value so that you can make a well-informed decision.

When looking for a chartered or home appraiser before a home sale, you will need to compare not only the rates but also their qualifications.

To get started, fill out the form on this page to receive FREE and NO OBLIGATION offers from the best home appraisers in your area.

 

The Importance of a chartered appraiser

A chartered appraiser is a professional with the best knowledge to analyze the fair market value of a home based on the regional real estate market.  As a certified professional, his job is to determine an objective value of a real estate property at a given date.

You may argue that your real estate broker is also able to provide you with an idea of your home’s value and a good selling price. While your broker is knowledgeable about the real estate market and can provide comparable statistics of recent sales, his word is not undisputable. This means lenders don’t rely on a real estate broker’s word but they do find credibility in a chartered appraiser’s report.

Further, you should not consider the municipal value of a property for its true market value. Rather, depend on the expert opinion of a chartered appraiser and take advantage of his report as a supporting document for a potential buyer.

 

When should a property assessment be conducted?

Prix pour évaluation de maisonYou need to have your house appraised before you sell it just like when you have a building inspector check the condition of the house. Compare Home Quotes provides you with an opportunity to compare prices from multiple home inspectors.

Thus, you will have the information you need to prepare for the sale of your property. It is best to have all the information you need from the very start.

 

Why hire an accredited home appraiser?

Hiring an accredited appraiser will get you the information you need to make an informed choice. Here is a list of some situations where you could benefit from an appraiser’s advice:

  • Purchase or sale of a property;
  • Increase the value of your land;
  • Rental of a dwelling located in an income building;
  • Construction, extension or renovation of a property;
  • Negotiating a mortgage financing;
  • Negotiation or buy back of a leasehold;
  • Estimation of the value of buildings of the family patrimony;
  • Anything relating to real estate for an estate, divorce or dissolution of a corporation;
  • Analysis and establishment of the insurable value of a building;
  • Negotiation of a settlement after a disaster;
  • Analysis of the potential income of a property (a duplex, for example);
  • Investment in securities;
  • Transfer of real estate assets as part of a tax restructuring;
  • Re-valuation of real estate company or portfolio assets;
  • Preparation of an assessment roll for the distribution of the municipal tax base;
  • Checking the real price of a property and contesting the municipal assessment if it is incorrect;
  • Reinstatement of the amount of compensation upon expropriation;
  • Planning a claim that concerns the value of an immovable that is the subject of a dispute.
  • etc.

An assessment of your home by a licensed home appraiser will include a detailed analysis. The report will be objective, which gives it a lot of value, because you will have realistic arguments to justify the selling price.

 

What to expect in a home appraisal

A home inspection is one of the things done by an appraiser.  With his training and expertise, an appraiser will observe important elements of the property that can influence its market value.

An appraiser will consider the following:

  • Physical attributes of the property, including outbuildings;
  • Interior and exterior finishes and its systems such as cooling and heating systems
  • Improvements to the property
  • Repairs or deficiencies

A homeowner or a bank can hire an appraiser. After being hired, the appraiser will:

  • Arrange a convenient inspection time
  • Collect information about the property including the date of construction and other renovations or additions. He will also inquire about recent marketing activities such as property listing or recent sales of the property.
  • Take photographs of the property

Homeowners often want to get even a preliminary value as soon as the appraiser conducts his appraisal. You should know that the valuation process occurs after the inspection because the appraiser needs to gather and evaluate the information thoroughly.

To arrive at an accurate appraisal, he will also need to do a complete analysis of market conditions by using multiple comparable properties to get the fair market value.

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Appraisal Methods Used to determine Market Value

A chartered appraiser will use his own method for determining market value. The traditional approaches are the cost approach, income approach, and direct comparison approach.

Understanding these various approaches will give you an idea of the factors that will have an impact on your home value.

 

The Cost Approach

The appraiser identifies the market value of the land if vacant. He then assesses the replacement cost of the building and calculates the cost by deducting depreciation.  Added improvements and the market value of the land is then added to the depreciated cost.

 

The Income Approach:

This method uses the theory that there is a connection between the income generated by a property and its value at a given date.  Thus, it is highly useful for determining the value of an investment property.

Data is gathered from the real estate market, taking into account rent and parity expenses as well as the return of investment anticipated by investors.

Provision for vacancies and bad debts are also deducted from the gross income of the property as well as current operating expenses.


The Direct Comparison Approach:

This method involves analyzing the most comparable property sales to reduce the weight of adjustments and achieve the highest level of similarities. It is the only method that uses direct proof and is, thus, considered to be reliable.

 

What is the difference between a home inspection and a home appraisal?

While a home inspector and a home appraiser may check on the same aspects of a property, they are conducting an evaluation for different purposes.  It is important to understand the difference between the two as they can help you in different ways as a seller or as a buyer.

A real estate appraisal is done for the purpose of determining an accurate value of the house so that the parties in a real estate transaction are protected. A lender will hire an independent appraiser.

A detailed report on the final estimated value of the house is provided which will include comparable sales and other relevant information explaining how the value was calculated.

On the other hand, a home inspection entails a physical assessment of a property to determine its condition, integrity, and quality. It is intended to help a buyer know what they will be getting if they purchase the property. Usually, the buyer pays for a home inspection before making an offer.

A home inspector will provide a home inspection report which will include any defects found. The report will guide a potential buyer in deciding whether to continue with the home purchase or not or to negotiate the price or conditions of the sale.

Both a home inspection and home appraisal will require a physical evaluation of the property and the issuance of a detailed report but with different objectives.

 

Who is the client of an appraiser?

Since a lender may hire an appraiser for the purpose of granting a mortgage, a homeowner may get confused as to who is the client. In many cases, the homeowner, while applying for a mortgage, will be required to pay the appraisal fee.

Under these circumstances, the bank is the appraiser’s client and the disclosure of the appraisal report must have the written permission of the bank. 

For other situations such as when a homeowner engages an appraiser before the sale of a property or for estate or insurance planning, then the homeowner is the client.

 

How to choose your Chartered Appraiser or Home Appraiser?

A good appraiser must possess several qualities in order to perform well and provide you with quality service.

He will have to show personal skills including:

  • Objectivity
  • Integrity
  • Autonomy
  • With initiative
  • Good judgment
  • Good analytical skills
  • A desire to surpass one’s self and excellence
  • Leadership
  • etc.

These are qualities that come under the heading of “know-how” related to the role of a chartered appraiser. To that end, the Order of Chartered Appraisers of Quebec requires the addition of know-how that includes:

  • Code of Ethics of the Order of Chartered Appraisers of Quebec
  • Regulations of the professional inspection committee
  • Record keeping regulations
  • Professional Liability Insurance
  • Regulations governing the practice of his profession
  • Internet use
  • etc.

In addition, he must have successfully completed a university education and be a member of the Order of Chartered Appraisers of Quebec. These two prerequisites ensure the proper supervision and evaluation of professionals who practice as appraisers.

 

Order of Chartered Appraisers of Quebec (OEAQ)

The OEAQ was created to protect consumers by ensuring quality services from certified appraisers.

As mentioned by the Order, there are several control mechanisms to regulate the practice of its members: “disciplinary sanctions, professional inspection, regulations (Code of Ethics, Standards of Professional Practice), compulsory continuing education, admission, professional liability insurance.”

Further, it offers services for the public, including access to the directory of its members as well as a notice of cancellation and limitation of exercise for your protection.

There are other relevant services you can use:

  • Request an inquiry from the trustees of the Order
  • Request an arbitrator for the payment of fees
  • Make a legal claim
  • Access the index of disciplinary decisions
  • Explain the role of a chartered appraiser
  • Access to the regulations of the Order
  • etc.

 

How much does a chartered appraiser or home appraiser cost in Quebec?

The Order of Chartered Appraisers of Quebec (OEAQ) has no set prices for a home appraisal and rates will differ depending on factors such as the location of the property, the type of property, and the length of time to conduct the inspection.

The hourly rate for a chartered appraiser is from $35 to $45 an hour. You can be charged $500 for the appraisal of a single-family home or a condo.

Find the right chartered appraiser for your home appraisal today by receiving FREE and NO OBLIGATION quotes using our short online form.

In addition to protecting you, the OEAQ acts with transparency so that you can be well- informed. Compare Home Quotes’ network of partners includes both accredited and non-accredited appraisers, simply referred to as real estate or residential appraisers.

 

How is a home appraisal done by a chartered or home appraiser?

You should establish the purpose of the appraisal, cost of the valuation, agree on the services required, choose a type of report and the time required to produce the detailed report.

Then, the home appraiser will visit your property to learn about some elements:

  • The general condition of the house
  • The dimensions
  • The type of materials present
  • The layout
  • etc.

He will then inquire about property market values as well as by-laws, taxes and municipal services.

After collecting all the information relevant to the valuation of your home, the real estate appraiser will proceed with the analysis of the properties that have been sold recently, “determination of the age of the building and the estimated longevity, residual productivity of the components”, etc.

The final step will be to estimate the actual market value of the property taking into account all the elements mentioned above as well as others that might be relevant, depending on the situation.

 

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We can help you find a quality real estate appraiser very quickly. To do this, fill-out the form below.

In return, you will receive up to 3 free quotes from chartered or real estate appraisers in your area, anywhere in Quebec:

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  • Laval
  • Sherbrooke
  • Saguenay
  • Trois-Rivières
  • Saint-Jérôme
  • Repentigny
  • Joliette
  • Louiseville
  • Shawinigan
  • etc.

You can freely choose the proposal that suits you most based on your needs and budget.

The services of Compare Home Quotes – Certified & Real Estate Appraisers is free and no obligation, reliable, efficient, fast, and easy.

Save time and money by using our services to find a chartered appraiser or for other real estate services you need.

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Nicole Bolduc

For someone who is new to the region and does not know where to go, your service was most appreciated. The phone service was great and I was able to make an appointment. Thank you!

Nicole Bolduc