About Us
Total Value Appraisals Inc.
Total Value Appraisals Inc. is a residential and commercial real estate appraisal and consulting company serving Southwestern Ontario.
Our Services
- We are committed to providing exceptional service to our clients with the highest measure of professionalism and personal attention given to every client and report
- We provide appraisal reports for Residential, Commercial, Multi-Family, Agricultural and Vacant Land, all of which conform to the Appraisal Institute of Canada Standards.
- Our services include Mortgage Financing & Lending Purposes, Market Value (including Retrospective, Current & Prospective) Market Rent Analysis, Power of Sale, Estate Purposes, and Foreclosure.
- Our clientele includes Credit Unions, Banks, Lawyers, Accountants, Real Estate Buyers and Sellers, and more.
Our Team
- Our team consist of Owner and Accredited Appraiser Candice Oliveira, CRA P. App., and Candidate Member of the Appraisal Institute of Canada, Georgina Reynolds .
Areas Serviced
Chatham-Kent and surrounding areas: Blenheim, Cedar Springs, Dealtown, Dresden, Erie Beach, Lighthouse Cove, Ridgetown, Thamesville, Tilbury, Wallaceburg, Wheatley and more.
Why Hire an Appraiser?
An AIC-designated appraiser offers an unbiased opinion of value during what can often be an emotionally-driven process. By engaging a third-party valuation expert, you can be sure that you will have all the knowledge required to make an informed real estate decision.
Buying or selling a property is typically the biggest financial decisions anyone will make. An appraisal from a designated appraiser may be needed to:
- Ensure you're not paying more than a property is worth
- Obtain a qualified opinion of value for mortgage or lending purpose
- Provide investors with adequate information for making investment decisions
- Provide expert opinions of the value of real property as a basis of compensation when a property is being expropriated by government
- Provide expert opinions of the value of real property in legal disputes and settlements
Source: AICanada.ca
Who is a Qualified Appraiser?
The Appraisal Institute of Canada designates appraisers after years of experience.
The two designations are:
- CRA P. App.
- AACI, P. App.
CRA P. App. - Canadian Residential Appraiser
Appraisers with this designation are qualified to appraise and value individual undeveloped residential dwelling sites and dwellings containing not more then four self-contained family housing units.
AACI, P. App. - Accredited Appraiser Canadian Institute, Professional Appraiser
Appraisers with this designation are qualified to appraise and value a wide range of residential, commercial and industrial real property.
Source: AICanada.ca
When should a Property Owner Hire an Appraiser?
There are several instances where a designated appraiser can assist property owners:
- Buying a Property
- Selling a Property
- Planning your estate
- Retirement Planning
- Litigation
- Property tax assessment appeals
- Financing
- Renovating
- Capital gains
- Insurance coverage
- Bankruptcy
An appraiser can also assist with a wide range of services:
- Appraisals: Residential, Commercial and Industrial
- Arbitration
- Absorption Studies
- Expropriation Appraisals
- Counselling and Consulting
- Estimated Market Value
- Expert Witness Testimony
- Litigation Support
- Cost-Benefit Analysis
- Feasibility Studies
- Management Advice
- Market Analysis
- Market Rent and Trend Studies
- Operating Expense Analysis
- Tax Assessment Review and Advice
- Zoning and Land Use Testimony
Source: AICanada.ca
The Appraiser's Inspection takes into account a number of elements including:
- The physical characteristics of the dwelling and any outbuilding
- Interior/exterior finishes and systems (e.g. heating and cooling);
- The quality of the improvements; and
- Any deficiencies or required repairs
What Types of Properties can A.I.C. Designated Members Appraise?
AIC-designated appraisers can provide valuation services on all types of properties, including:
- Residential - single-family homes, multi-units, recreational, heritage, etc.
- Commercial - office buildings, retail, hotels, storage facilities and other income-based properties
- Industrial - manufacturing, machine shops, etc.
- Institutional - hospitals, schools, churches, publicly-owned property, etc.
- Rural - agricultural, land
Types of Approach to Value
- Cost Approach
- Direct Comparison Approach
- Income Approach
Cost Approach
The value of a property is derived by adding the estimated value of the land to the current cost of constructing a reproduction or replacement for the improvements and then subtracting the amount of depreciation in the structures from all causes. Cost approach techniques can also be employed to derive information needed in the direct comparison and income approaches to value, such as the costs to cure items of deferred maintenance.
Direct Comparison Approach
The direct comparison approach is useful when a number of similar properties have recently been sold or are currently for sale in the subject property’s market. An appraiser produces a value indication by comparing the subject property with similar properties (comparable sales).
The appraiser estimates the degree of similarity or difference between the subject property and the comparable sales by considering various elements of comparison:
- Real property rights conveyed
- Financing terms
- Conditions of sale
- Expenses made after purchase
- Market conditions
- Location
- Physical characteristics
- Economic characteristics
- Use/zoning
- Non-realty components of value
Dollar or percentage adjustments are then applied to the sale price of each comparable property to derive an indicated value for the subject property.
Income Approach
In the income approach the present value of the future benefits of property ownership is measured. A property’s income and resale value upon reversion may be capitalized into a current, lump-sum value. There are two methods of income capitalization: direct capitalization and yield capitalization. In direct capitalization, the relationship between one year’s income and value is reflected in either a capitalization rate or an income multiplier. In yield capitalization, the relationship between several years stabilized income and a reversionary value at the end of a designated period if reflected in a yield rate. The most common application of yield capitalization is discounted cash flow analysis.
Source: The Appraisal of Real Estate Second Canadian Edition, Appraisal Institute of Canada, p 4.12-4.13