Real estate appraiser: definition

A real estate appraiser assesses a property’s market value using a range of criteria: location, condition, floor area, building standards, the local property market, comparable transactions and more. This valuation often helps a lender determine the maximum amount of the mortgage.

Why use a real estate appraiser?

An independent valuation is particularly useful before buying, selling, undertaking major renovation work or refinancing a property. It helps you check whether the asking price is reasonable and whether the proposed financing is based on a realistic property value. A mortgage broker may have the expertise needed to prepare a comprehensive report that provides a sufficient basis for your decision.

Example of how a real estate appraiser can help

A family wants to buy an older house with considerable renovation potential. Before making an offer, they commission a real estate appraiser. The appraiser identifies necessary work that is not immediately visible and estimates the property’s actual value after renovation. The family then adjusts its offer and financing plan accordingly.