FAQ

An appraisal is a professional unbiased report prepared by a qualified, certified appraiser. The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser. The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property – providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.

The reasons for performing a real estate appraisal are varied. Clients typically seek out a professional appraiser for an opinion on:

• The current value of a property being bought or sold
• Future value of a property being built
• Value for mortgage or lending purposes
• Value to assist in investment decisions
• Value to measure property tax assessments or other taxes
• Verification of damage claims resulting from fire, hail, windstorms and other disasters
• Value of property to determine compensation where a property is to be expropriated
• Value of property involved in litigation
• Value of private property acquired by governments for public use
• Value of property as it affects pending business mergers or dissolution

In addition, there is an increasing demand for feasibility studies and consultative services offered by valuation professionals. In recent years, the real estate industry has experienced significant and ongoing changes. Today’s professional real estate appraisers are highly qualified and better able to serve the expanding needs of the marketplace with a wide range of value-added real estate advisory and consulting services. For example, arbitration, expert testimony, cost-benefit studies, asset/portfolio management, due diligence and tax assessment appeals are among the value-added services now offered by AIC members, serving an increasingly broad base of public and private sector clients.

Typically, appraisers are engaged by a diverse range of clients to provide a professional opinion or consultative valuation services on the quality, value or utility of a specific property. Appraisals may be required for just about any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centres, hotels, industrial sites, and farms, whenever real estate is sold, mortgaged, taxed, insured, or developed.

Depending on location and seasonal influences, Lethbridge Property Appraisal tries to provide a turnaround time of 1-2 days from the time of viewing the property. This is typical for residential properties, however, commercial, agricultural and other complex properties generally have a longer turnaround time between 1-2 weeks and sometimes longer from the date of inspection.

The cost of an appraisal varies depending on location, type and size of the property, and any other extenuating factors, such as acreage, development potential, commercial, agricultural, industrial, waterfront, etc.

The basic cost for a single family home on a city lot in Lethbridge usually ranges from $250 to $300 plus GST. This price will vary depending on the above factors.

We would be glad to discuss your specific appraisal requirements and provide a fee estimate and time frame to complete the report.

Real estate appraisers need to be able to make prudent judgements and independent decisions. Not only should they be competent in their areas of service and practice, but they must also be skilled in gathering and evaluating facts, and must understand how to access the variety of data sources that are needed for comparisons and analysis. Technical competence in reading survey drawings and blueprints and identifying construction features and materials is applied in many situations. Critical thinking and analytical skills are essential for individuals involved in formulating opinions who work in consulting and advisory capabilities. Our appraisers have over 65 years combined experience in the appraisal field.