| What is it Worth? | | | | of the factors and ask questions until you understand |
| When we decide to sell a car or some unused items | | | | what you have. If you have reason to question the |
| around the house, we make some kind of judgment | | | | appraisal, ask for another appraiser. Your real estate |
| as to what we think it might be worth. We may base it | | | | professional or your mortgage broker can help you |
| on what we paid for it or what we saw one selling for | | | | "get a second opinion." It may cost you more up front, |
| down the street, but we are the ones making the | | | | but in the long run, it can be well worth the price – in |
| determination. However, due to the fact that most real | | | | peace of mind, if nothing else. |
| estate transactions involve securing a loan to complete | | | | An understanding of the market in the surrounding |
| the deal, a more precise and unbiased opinion of the | | | | area is key to the appraisal process. Identical property |
| value is normally required. The person who makes | | | | located in the Okanagan Valley of British Columbia |
| these decisions is known as an appraiser. | | | | would appraise different than one located in an area |
| Appraisers are trained and certified and state licensed | | | | that is not as much of an attraction. Consequently, |
| professionals that understand the significance of all the | | | | Okanagan appraisals would best be done by an |
| components that determine what a piece of property | | | | appraiser who knew the area and the real estate |
| is worth – the residential or commercial appraisal. | | | | environment. Likewise, a firm like Caruso Daniels, Inc., |
| This price is known as the market value, and that is | | | | would be best suited to carry out Kelowna appraisals |
| what most lenders use as the basis for the loan | | | | than someone who had not been in the area since |
| amount. They note the physical characteristics of the | | | | 1978. While there are a lot of differences between |
| property such as lot size, building size, condition, and | | | | residential appraisals and commercial appraisals, the |
| comparison to other similar properties. Other factors | | | | same thing is true. When it comes to knowing what |
| such as the strength or weakness of the real estate | | | | property is worth, it is best to deal with people who |
| market in the area, and neighborhood in which the | | | | know the area. |
| property is located. These and other factors enter in | | | | When you are buying or selling property, you have |
| to the calculation of the current market value of the | | | | enough to worry about without being concerned about |
| property. | | | | the accuracy of your appraisals. Deal with a local |
| Who do I Trust? | | | | appraiser with a good reputation among the real |
| By now, if you are like me, your head is starting to spin | | | | estate professionals in the area. Most of all - do your |
| trying to figure out what all this means. As a real | | | | homework. If you do, you will choose Caruso Daniels, |
| estate buyer or seller, the most important thing is to | | | | Inc. for all of your Kelowna and Okanagan appraisals. |
| understand the appraisal. Take the time to go over all | | | | |