Many people don't normally think of getting a home appraisal until they are required to. A home appraisal can be a useful document for many different situations. There are three main reasons why individuals require home appraisals.
- The most common reason to have your house appraised is for mortgage financing. When an individual goes to a bank or Credit Union to borrow money they often want to use the equity in their house. This is commonly referred to as a Home Equity Line of Credit or a HELOC. In this scenario, banks and Credit Unions will often require an appraisal. Alternatively, appraisals will be ordered for mortgage financing when individuals are purchasing a new home. Often before the bank or Credit Union will approve a mortgage they require an appraisal to confirm the value of the home. The client can either order an appraisal on their own or can have one recommended by the financial institution. *Something to note: if you are ordering an appraisal privately be sure to confirm with your financial institution that the firm you choose is on their approved list.
- Another reason a person may be required to have an appraisal of their home is due to a divorce. In these situations lawyers are working to divide the assets and in many situations one party is staying in the home and the other are being "bought out". This requires a fair market value of the home to confirm the amount to be paid to the departing party.
- The last of the most common reasons to order an appraisal is for estates and or estate planning. Often when a person passes away and leaves a home to spouses or children, an appraisal is required to divide the assest up. Whether the decision is to list the property and split the proceeds or if one party is "buying out" the remaining parties, an appraisal can be a very useful tool in making decisions.
GVS is a leader in quality in the Manitoba real estate market when it comes to residential home appraisals. Our firm prides ourself on quality and accuracy. In establishing the value of an appraisal report we provide three different approaches. The first is a comparable approach. In this approach we take recently sold properties in the subject area and apply market adjustments to establish a value. The second is a cost approach. In this approach we will calculate what the house costs to build new, establish the depreciation of the house based on how old it is and what the condition is and add the land value of the property. The last approach we do is a statistical analysis. In this approach we look at all of the similar houses to the subject that have sold in the last five years to see how the overall market and saleability of the home has been in the past.
If you are thinking of ordering an appraisal consider us, we appraise every type of residential home including; cottage and cabin appraisals, farm house appraisals, condo's, rental properties and urban homes.
GVS
Your home's worth... our firm's word!
Ready to book your home appraisal? Contact us now!
https://www.gvshomevalue.com/book-appraisal
