If you are a property owner, you may be used to having a lending institution order an appraisal of your home. However, you may also want to consider having your property appraised independently. An appraisal is defined as an inspection that gives an estimate of a property’s value. A mortgage lender requires that an appraisal be made to confirm the value of a house used for collateral, so an appraisal must be undertaken in order to issue a loan.
A real estate appraisal in Vancouver, when done for lending reasons, must be done on an individual basis. This type of inspection is performed so a risk assessment can be made. Whilst most home appraisals are ordered by lenders, real estate buyers can also take advantage of these services.
House appraisals in Vancouver are requested by property buyers for one or more various reasons. Sometimes homeowners request an appraisal when they are planning for retirement. If a homeowner is involved in a divorce, he or she may want to have an inspection made as well. People who wish to build their financial portfolios also see the benefit of requesting an appraisal.
Establishing a Sales Price
If you choose to have a residential appraisal in Vancouver performed, it can assist you in establishing a sales price for your property. Maybe you feel you are paying too much in property taxes. If so, an appraisal can assist you in making your case for lower taxes.
A Worthwhile Expense
When an appraisal is made by a company, the report mainly focuses on a property’s condition. You may also need to request other inspections as well. Each appraisal fee varies depending on how complicated the evaluation becomes. When you consider that a house is a major investment – one of the biggest investments you will make in your life – an appraisal is a worthwhile expense.
Because lenders normally do not share appraisal information with buyers, it cannot hurt a buyer to invest in an appraisal himself. You do not want to be at the mercy at an appraisal that is lender-based. The report, as far as a lender is concerned, is set in stone and establishes the funding for the loan.
Do You Want to Buy a House?
If you are searching for homes, it is a good idea to confirm property values in the area and contact an appraisal company. That way, if you are buying a house, you can add a clause in the offer to purchase – one that says that the purchase is subject to an appraisal first.
By having your own appraisal made, you have more control in any sales or purchasing transactions. Contact an appraisal firm today to see where you stand in this respect.