Thursday, June 05, 2008

Neighbourhood of blogger

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What is an Appraisal?

When you hire an NBAREA designated appraiser, you are hiring a dedicated professional that will work for you. Your appraiser will provide an objective estimate or opinion of value of the described property, as supported by the presentation of relevant data analysis.
A report contains information relevant to independent property valuation, including the purpose of the appraisal, other qualifying conditions, neighbourhood conditions, property identification, data analysis, the value estimate and the effective date of the appraisal. All reports are also signed and may contain support material such as maps, charts, or photographs.
All reports will demonstrate either one or more of the three basic data-processing methodologies used to arrive at an indication of value:

* The Cost Approach estimates the cost of building a new property identical to the subject being appraised, based on current prices, and subtracting accumulated depreciation and adding the estimated land value.
* The Income Approach may be used for income-producing properties and is based on the theory that value is the present worth of the income stream the property is capable of producing when developed to its fullest use. The net operating income from the property is capitalized into value by the appropriate method and rate.
* The Direct Comparison Approach is based upon the theory that an informed purchaser would pay no more for the property than the cost of acquiring another existing equivalent property. The value estimate is based on the selling price of comparable properties.

The cornerstone of the appraisal profession is knowledge. Designated members of the NBAREA will put their years of training and knowledge to work for you. Keeping up-to-date with current market trends and legal changes that may affect real estate values, appraisers offer an informed valuation.
AACI - These members are qualified to offer valuation and consulting services and expertise for all types of real property.

CRA - These members are qualified to offer valuation and consulting services and expertise for individual, undeveloped residential dwelling sites and dwellings containing not more than four self-contained family housing units.

Candidate - These members are required to have their reports cosigned by an AACI or CRA member in good standing and registered in the Province of New Brunswick that is registered on the Candidate Registry with the Appraisal Institute of Canada



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