Property assessment or real estate appraisal is the act of determining the real value of the property or what can be termed simply as finding out the market value of the property in question. It comprises of three major parts:
- Inspection: Wherein an accredited appraiser physically inspects the property to determine the market value
- Comparison: Wherein the appraiser compares your property to similar properties in the area
- Final Report: Wherein the appraiser, after the completion of the first two steps prepares a final report regarding the value of your property
So here are 3 facts you did not know about BC Property Assessment
Property Inspection vs. Home Inspection
Contrary to the popular belief that both these terms are synonymous with each other, the case is not the same. Home inspection is carried out before purchasing a home and is much more detailed regarding the problems of the home as compared to a property assessment.
The Appraiser confirms if the Property is Livable
That’s correct. It’s the job of the appraiser to confirm of the property in question is livable. Based on this, he comes out with the final report regarding the market value of your property.
Don’t have an Unfinished Room Project
An appraiser confirms the number of bedrooms a house has. Any room with a closet and which has windows is counted as a bedroom, that’s why it is imperative to not have any unfinished room projects because that can seriously diminish the market value of your property.