Appraisals step by step with Midtown Appraisals

Home appraisals step by step

No one loves them, but they're not that bad Whether you're a homeowner looking to refinance your mortgage, a home buyer with your heart set on the dream home you finally found, or a home seller hoping that the conditional offer you got will finally firm up: Sooner or later there'll be a need for a home appraisal, and you'll spend at least a little time worried about the process. But you shouldn't worry so much. Appraisers aren't going to…...
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Kevin Slemko AACI on the problem of overimprovement

“But that bathroom cost me $27,000!”

When valuations don't reflect the money the homeowner spent I hadn't been an AACI for very long when it happened: I was doing an inspection of a pretty standard, older 3-bedroom bungalow outside of Hamilton, and the homeowner insisted I see the master bathroom first. "You have to see this!" he said, leading me toward the back of the house. When I got to the bathroom door, I guess my face didn't register the amazement he expected, because he started…...
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Kevin Slemko AACI talks about zoning verification

Zoning Verification: Definitely worth the fee

Sometimes, when you’re appraising a property – especially an older one – you’ll come across something that doesn’t seem to fit in with the typical zoning for the area: Maybe it’s a large commercial sign in a street of single-family homes, a quadruplex that was built in the 1960s that now sits beside luxury homes, or even a small barn with a pony in the backyard of a house in an otherwise residential neighbourhood. Typically, these are ‘grandfathered’ exemptions: That…...
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Kevin Slemko offers tips on remote appraisals

Remote appraisals: How to prepare

Virtual home inspections are safer (and sometimes easier). From time to time, whether because a property is in a remote location or due to time constraints, real estate appraisals are conducted remotely. Ideally, of course, an appraiser is able to make a physical inspection of a property, but when that's not possible, how do you handle it? Video calls are a good first step While some appraisers and financial services companies allow homeowners to provide their own photos of the…...
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Kevin Slemko of Hamilton's Midtown Appraisal Group on how properties are valued
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Appraisal explanations: Lists are not enough

How appraisers look at the components of a property If you've recently bought or sold a home that involved a mortgage or loan, chances are an appraiser has been involved at some point to confirm the property's value. And if you asked your agent or mortgage broker what an appraiser looks at, they probably gave you a list of factors: Location, size, condition, comparable sales, etc. That's correct, as far as it goes. But a list like that really isn't…...
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myths about appraisals
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The big appraisal myths, debunked

This infographic (below) from The Appraisal Institute has been around for a couple of years now, but I came across it again recently and I think it's still worth a look, especially if you're new to the appraisal process. (NOTE: The infographic refers to federal legislation in the US, and some of those laws may not be applicable in Canada, or in the Canadian province in which you live. If you're in any doubt about what information applies to you,…...
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Kevin Slemko of Midtown Appraisals
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5 other reasons to get a professional real estate appraisal

(Outside of a sale or purchase) Anyone who's ever bought a piece of property - especially a residential home - involving a mortgage is probably familiar with the appraisal requirement: Very few banks or mortgage financing companies will lend money for home purchase without ensuring that a professional appraisal has been done. They need to know that their investment is reasonable and protected. However, there are several other situations in which appraisals make sense - and can spare you from…...
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Appraisal value affected by maximalist design
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Design, style and ‘clutter’: Do they affect appraised value?

The answer is...it depends. As an appraiser, I'm often asked some version of this question: "My house is a mess and I just found out they want to send the appraiser tomorrow. Do you think it'll make a huge difference to the appraised value?" And more recently, in the era of minimalism, I also get asked whether a more 'maximalist' approach to interior design will negatively impact value. The standard, professional answer is, of course: "No, it won't affect value.…...
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Kevin Slemko AACI on how to conduct estate appraisals
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Estate Appraisals: What you need to know

When an estate involves real estate, proper valuation can be crucial It's a common situation: An elderly parent dies, leaving behind a spouse, adult children and young grandchildren. The family home is owned outright, or has a small mortgage, and everyone assumes that the home will be sold and the proceeds divided. Simple, right? After all, there's a straightforward Will and no one's arguing. Except that when there is a surviving spouse, and/or step-children, and the Will turns out to…...
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Kevin Slemko Midtown Appraisals on new homes

You’re buying a new home. What do you need to know?

If you're like many Canadians, you've grown up thinking that one day, you'd be buying your own home. It seems like a pretty normal thing to do - until you're actually doing it for the first time, yourself. When you find yourself actually signing paperwork committing you to hundreds of thousands of dollars over a couple of decades - well, it can suddenly seem like a very big deal. But the more you know, the less stressful it can be.…...
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