Residential Real Estate Appraisals in Edmonton
A residential appraisal from Landucation Appraisals will provide an independent, unbiased and official estimate of the value of your home. Like all the premium appraisal services we offer to our Edmonton and Northern Alberta clients, our residential appraisals are performed by our dedicated team of qualified and certified residential appraisers. Our licensed Edmonton appraisers offer experienced, local knowledge.
If you are a homeowner in Edmonton who is eager to establish the value of your home for the purposes of selling your property, or if you’re a prospective buyer who wants to find out how much the property you are interested in is worth, then we can be of assistance. While most residential appraisals are concerned with valuation services on detached single-family homes, they can also be completed on many other property types including: apartment buildings, condominiums, duplexes, cottages, acreages and mobile homes. Similarly, if you need assistance with any other aspect of the residential appraisal arena from estate settlements, foreclosure and litigation to matrimonial property settlement, capital gains, tax planning and rental property purchases, then our team of professionally certified appraisers can help. When it comes to identifying the best appraisal service for our residential clients we won’t be found wanting. Call us today to schedule an appointment or for more information about our superior residential appraisal service.
Real Estate Appraisal Expertise
What many people don’t realize is that real estate appraisers play an important role in the real estate process as your estate agent, insurance broker or architect. In essence, a real estate appraisal from us at Landucation Appraisals establishes a property’s market value—which, as you may know, is often the value that it would bring in if it became available in a free and competitive market.
One of the main reasons why real estate appraisals are so important is because lenders require them when buyers use their new homes as security for the mortgages that they wish to take out. As a result, an appraisal provides the lender with an assurance that the property they are lending capital for should sell for an amount that is, at least, equivalent to the money it is lending. As goes without saying, there are no assurances in the real estate business but a tried and trusted appraisal from Landucation Appraisals comes pretty close.
When it comes to real estate appraisals and those who carry out them out, it is important that you keep the following four points in mind at all times:
- At Landucation Appraisals, all our appraisers are licensed by the province of Alberta only after completing the relevant licensing coursework.
- At Landucation Appraisals, all our appraisers are objective third-party representatives and will never have a vested interest in the piece of real estate they are valuing. Similarly, we will never permit a member of our team to have any type of connection—financial or otherwise—to any person directly involved in the real estate transaction.
- In the real estate appraisal world, the property being appraised is referred to as the subject property.
- In general, the home-buyer will pay for the appraisal at the time of the loan application. However, it is not uncommon for the appraisal fee to be added to the settlement statement and paid at the very end.
What You Should Expect to See on a Residential Real Estate Appraisal Report
A real estate appraisal form Landucation Appraisals is an extremely detailed report that is based on our appraiser’s on-site evaluation of a property as well. Some of the things that they will be included can be read below:
- Details about the subject property, along with side-by-side comparisons of similar properties.
- An evaluation of the overall real estate market in the area.
- Statements about issues the appraiser feel are harmful to the property’s value—this could include issues such as poor access to the property or insufficient lighting.
- Notations about seriously flawed characteristics, such as a crumbling foundation.
- An estimate of the average sales time for the property and what issues may affect this.
- The type of area, where the home is located and whether it is part of a broader development or is a stand-alone acreage. This is particularly important and is something that we will consider very closely.
Residential Appraisal Reports for Home Buyers
At Landucation Appraisals, we guarantee that the highest standards are adhered to through every step of the appraisal process, thereby assisting prospective home buyers in the Edmonton area. All our appraisals contain current photos of the interior, exterior and surrounding neighbourhood of your property. On top of that, we will include all pertinent details in relation to the size and dimensions of the property. Recent comparable residential property sales will also be included along with applicable maps and other supporting documents. The report will conclude with a market value estimate of your property. Many lenders require a residential property to be appraised as a condition of the mortgage approval in order to ensure that the amount of the requested mortgage loan is supported by the home’s market value.
Before entering into any contract or business relationship it’s important to have all the information. At Landucation Appraisals we’ve made it our business to know the value of Edmonton land so that you can have everything you need at your fingertips before buying or selling a property.
When pursuing residential appraisal, we keep our clients’ budget in mind and work on their side to ensure they don’t get cheated on any deals. We do the same with commercial appraisal, while taking a larger scale approach keeping in mind that land is a long-term asset that will continue to have value should the company or individual choose to liquidate.
Landucation Appraisals has been operating in the Edmonton area for over 25 years now. When you’re looking to get educated and make the best deals—residential or commercial—give us a call.
Why Do I Need a Residential Appraiser?
Truth be told, if we had a dollar for every time we were asked this question from a prospective residential client in Edmonton, we would probably be able to afford a trip to the Caribbean by now! And while some homeowners in Edmonton may not be fully aware of what we do at Landucation Appraisals, the reality is that our superior service could end up proving to be a very valuable commodity for you as home seller or buyer.
In the latter case, we are often hired by mortgage applicants to ensure that the value of the property that they are interested in obtaining a loan for matches up. While, for those thinking about selling their Edmonton home, we can determine the home’s worth so as to ensure that they get as much value as possible when the sale nears conclusion.
On top of that, our residential appraisal service can assist you if you are looking for a tax assessment to reduce property taxes or to dispute improperly assessed taxes. We can also provide professional advice when it comes to settling an estate and can also contribute to the settling of any legal disputes that may occur during a divorce or separation.
Finally, our trusted appraisal reports have assisted homeowners across Edmonton obtain the proper valuation of their home in respect of issues such as location, physical features and any property defects.
A Committed Approach to Appraisals
With a track record of delivering real and lasting results for all our residential clients in the Edmonton area, it is no exaggeration to suggest that we at Landucation Appraisals are really in a league of our own when it comes to delivering a superior residential appraisal service. Our skill and experience are clearly demonstrated by the fact that we are certified members in very good standing of the Appraisal Institute of Canada (AIC), and we also have a full and comprehensive range of insurance coverage.
The AIC stamp of approval is something that we at Landucation Appraisals are very proud of and we work tirelessly every day to ensure that the high standards that this membership bestows on its members are adhered to at all times. The simple fact of the matter is that as a homeowner in the Edmonton area you can rest assured that as an AIC-accredited appraisal team, Landucation Appraisals will provide your home with unbiased and independent appraisals of your property in a highly effective fashion.
As well as our AIC-accreditation, our appraisers are also licensed by the Real Estate Council of Alberta—the governing authority that sets, regulates and enforces real estate standards for issues as varied as real estate brokerage, mortgage brokerage, property management and real estate professionals in the province of Alberta.
Accreditation as comprehensive as this is a testament to the detail that our professionally certified team of appraisers pay to their job and is one of the main reasons why we have been able to grow and expand our residential client base in Edmonton recently.
The Importance of Land Appraisal
Researching local appraisers before investing in a property is especially important when financing is involved. If you are looking for a loan, your source will require accurate information from a professional appraisal company before you can even start dreaming of getting that investment.
Working with income, cost, and sales comparisons, we’ll provide you with a fully fleshed out and reliable document detailing your property of interest’s true market value.
Your lender will need to know what sort of revenue the property can produce, mostly in the case of commercial appraisal, as well as the accuracy of its sale price, and finally, what similar parcels are selling for in the same region.
While these three methods are something many Edmonton land investors may think they can research on their own, it’s not so simple. When there’s a structure or two on the property it becomes easier, but vacant land is ambiguous and therefore the additional support of experienced appraisal companies to determine cost is something you’re going to need to invest in.
Land Appraisal Cost
Land appraisal cost varies greatly from case to case. A residential appraisal for example will be more affordable than a commercial one as there are less factors to consider.
At Landucation Appraisals we like to keep our rates competitive but if you’re looking for a general idea of what you might spend, the natural average is $328. Most of our clients pay between $287 and $373 with larger jobs working up to a high end of $450. Considering the amount that can be lost without the assistance of local appraisers, it’s a small investment to make in your financial future.
Experienced Edmonton Professionals
When it comes to appraisal companies, Landucation Appraisals is no newcomer to the industry. Opening our doors in 1992 we’ve been working with home and business owners for over 25 years to help them make the best, and most well-informed choices when it comes to purchasing land.
If you’re new to home ownership or investing, that’s not a problem. Just give us a call today and we can answer any questions you have before proceeding with the land appraisal. We can’t wait to hear from you!
How to Prepare for a Home Appraisal
Let’s face it, there’s no time like the present. So, if you’ve been contemplating selling your Edmonton home for some time now, then it might be a good time to do so. However, before you commit to selling your home, you’ll have to deal with an appraisal of your residential property. If your appraisal doesn’t go well, it could end up reducing the cost of your property considerably. The perception that your home isn’t worth the monetary value you have attached to it in your asking price is an issue that is hard to shake.
To best prepare for your home appraisal, you need to familiarize yourself with the residential appraisal process, so you know what to expect in order to prepare your home accordingly.
The first thing that you need to keep in mind when it comes to residential appraisals is that you will need to order one through a certified appraisal company. The appraisal will last approximately 20-45 minutes as the appraiser examines the quality, condition and size of your home.
From there, it is important to remember that there are three distinct parts to an appraisal report that you need to aware of. They are as follows: the inspection, the comparables and the final appraisal report. The inspection is the part where the appraiser visits your home; the comparables is a synopsis of similar homes in your area that have recently been sold; and the final report is what the appraiser issues after they have inspected your home and researched the comparables. Next, we will look at two factors that can affect your home’s appraisal:
Home Appearance: While this may seem obvious, the reality of the situation is that many people who are selling their homes in Edmonton fail to realize how important their home’s appearance is for the overall evaluation of their home. So, with that in mind, before an appraisal takes place it is important to spruce up your home inside and out so that it looks clean, neat and well-kept to all those who come to view it.
Don’t Overlook the Outside: If you want to get the most bang for your buck from your home’s sale, then you need to mow your lawn and trim the hedges. It is also important to make sure that any tools or gardening equipment are cleared away and any debris like leaves or sticks are removed. Getting rid of any weeds or other dead plants is important too. From there it doesn’t hurt to carry out a new paint job on your home’s exterior if needed, while also repairing and replacing any cracked or missing bricks and improving damaged gutters. Peeling paint and poor-quality siding are two of the biggest things that appraisers look at and need to be examined very closely. It is always worth your while to repaint any worn or damaged areas inside or outside your home before an appraisal takes place.
Residential Appraisal Excellence
In general, our skilled and dedicated team of residential appraisers at Landucation Appraisals are tasked with offering a professional and diligent appraisal service to our diverse range of clients in the Edmonton area. Landucation appraisers have completed rigorous training, education, testing, and demonstration of ability, knowledge and understanding of the market. Ongoing continuing education and emphasis on research helps our clients with reliable appraisal results.
Offering a residential appraisal service that is second to none means that we at Landucation Appraisals adhere to Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). All our appraisers are members of the Appraisal Institute of Canada (AIC), Canada's most trusted real estate valuation experts (www.aicanada.ca).