How much does a certified appraiser costs?
Last update : 2023-01-12 10:25:49
Knowing the market value of a property can be practical, even necessary, in many situations. For instance, it allows you to ask for a fair price when selling your home or to ensure that the asking price is appropriate when buying a new home.
To determine market value, you may be tempted to take a shortcut by relying on the municipal assessment. But beware: the municipal assessment is not always accurate. It only occurs every 3 years with a year and a half delay between the time the value is determined and the time the new property roll comes into effect.
Furthermore, the property assessment does not take into account the real estate market conditions at the time you decide to buy or sell. It is therefore strongly recommended that you use the services of a certified appraiser to obtain a rigorous evaluation of your property's value, even if this service requires you to pay a few dollars.
Interested in knowing how much real estate appraisal services cost? Read the remainder of this article for more information.
What is the role of a certified appraiser?
Firstly, you should know that the practice of an appraiser who is a member of the Ordre des évaluateurs agréés du Québec (OEAQ) is governed by a code of ethics that guarantees professional and quality work. This expert is required to offer you a neutral and impartial evaluation of the property.
Depending on the type of property to be appraised, the certified appraiser will determine the various techniques to be used to ensure the most accurate appraisal possible. Most of the time, more than one method will be used by the professional to ensure the validity of the results obtained.
How does a certified appraiser assess the market value of your home?
The appraiser will first inspect the physical aspect of the house to determine its condition and, at the same time and if any work needs to be done. The need for renovations is one of the factors that will influence the market value of the home.
The physical evaluation also takes into account the presence of other elements, such as
- The number of rooms;
- The presence of a garage;
- The presence of a swimming pool (whether in-ground or above ground);
- The living area;
- The exterior siding.
Once this physical inspection is complete, the expert may also look at the price of homes for sale in your neighborhood or municipality. This evaluation technique, called the "comparables method", takes into account properties with similar characteristics to the one being evaluated (surface area, number of rooms and floors, year of construction, etc.).
Once the appraisal is complete, the appraiser must provide the client with a detailed analysis report, including information about the property, the purpose of the appraisal and the date the appraisal was completed.
You can consult this document to confirm you are asking a fair price for the sale of your home or to make sure you are paying a reasonable price for your new home. The appraiser's report becomes a valuable asset in proving that the price is in line with market reality.
What does it cost to appoint a certified appraiser?
Unfortunately, there are no fixed or pre-established rates set by the OEAQ for the services of a certified appraiser. The cost of a real estate appraisal depends on several factors, including
- The type of building to be valued;
- The region where the property is located;
- The objectives of the report.
Note, however, that the certified appraiser receives no commission for his work. The house's market value has no impact on his compensation. Therefore, he or she has no interest in providing an appraisal that is higher or lower than the actual market value of the property.
For a single-family home, the cost of the real estate appraisal has long been estimated at around $500. But, due to prices that have recently increased throughout Quebec, it is now estimated that the average cost of an appraisal would be more like $650 for a single-family home. As we have already mentioned, several factors can influence this price up or down.
Here are the approximate rates for different categories of property:
- Between $500-$900 for a house;
- Between $400-$750 for a condo;
- More than $1000 for a multi-unit.
To get an idea of the rates that will apply for the evaluation of your property, it is advisable to contact directly different certified appraisers in order to compare the prices and services offered. Do not hesitate to contact us to facilitate your search for certified appraisers. Our team will put you in contact with 3 qualified appraisers so that you can choose the one that suits you best.
Why rely on a certified appraiser rather than the municipal assessment?
In order to determine the market value of a home, you may be tempted to take a shortcut and rely solely on the municipal assessment. But beware: the municipal assessment is not always fair, far from it!
Indeed, this is only done every 3 years by the municipality for the sole purpose of calculating the property taxes you will have to pay. There is also a delay of one and a half years between the time the value is determined and the time the new assessment roll comes into effect.
In addition, the property assessment does not take into account the conditions of the real estate market. It is therefore not representative of the real value and should not be used to establish the sale or purchase price of a property. This is why it is better to call on the services of a professional in real estate appraisal.
Looking for an appraiser to determine the value of your property?
XpertSource.com can help you find a certified appraiser. When you tell us about your project, we put you in touch with qualified resources for FREE. Simply fill out our form ( it only takes a few minutes ) and we will connect you with professionals.
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