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#107-30 Cavan Street
Nanaimo, BC, V9R 6K3
Vancouver Island

One of the Largest Appraisal Firms on Vancouver Island

On Vancouver Island, no two homes are alike.

This diversity in housing stock - combined with an active real estate market - keeps Benson Appraisals busy. As one of the largest residential appraisal companies on Vancouver Island, Benson Appraisals provides professional appraisals of homes from Mill Bay and Shawnigan Lake north to Campbell River.

Reasons for appraisals vary. The majority are requested by financial institutions and mortgage brokers in relation to financing the purchase of a home; refinancing the home; foreclosure on a home; or approving a home equity loan.

Other reasons for property appraisals include:

Which price is right?

As every home owner knows, there are many values attached to each piece of property. There is the original purchase price; the assessed value which is used as the basis for property taxes; the predicted market value quoted by a real estate agent; and the homeowner's estimated value, which may be inflated by sentiment.

Of all these potential prices, a professional appraisal by a certified appraiser is the one you can actually take to the bank - or use for any other financial purpose.

Multiple factors, one result

A professional appraisal takes many factors into account. Depending on the property, the appraiser may use two or three different approaches to the appraisal. Benson Appraisals typically uses two methods to appraise each residential property in order to ensure the most accurate result.

Direct Comparison Approach
The first method is an appraisal of the existing property. The appraiser considers location, the quality of construction, the maintenance of the property, and the overall condition of the home. A complete inventory of the property is done, including the size of the home, the number of bedrooms and bathrooms, and any additional features, such as a garage, workshop, or pool. The final factor is the property size and location, including any positives like views and nearby parks and any negatives, like highway traffic or nearby industrial development. Often the lot is surveyed to establish the exact boundaries of the property and a map of the lot is prepared.

The appraiser then researches the market, finding comparable homes that have sold in the past three to four months. The subject home is compared to these recently sold homes, adjusted as necessary to allow for any differences in the properties, and a market value determined.

Cost Approach
The second method is to determine what it would cost to replace the home. First, the appraiser determines the value of the lot and the price-per-square-foot to reconstruct the home. The overall value of the home is then depreciated, with the amount of depreciation dependent on the age of the home. The result should be close to the already determined market value of the home.

Income Evaluation
When assessing income-generating residential properties, the appraiser must also consider the annual income generated by the property as part of the value.

The professional appraisers of Benson Appraisals are committed to producing an accurate evaluation of your property. The work is so time-intensive and detailed that each appraiser can handle no more than two projects a day, not including the paperwork which is often done later in the day or in the evening.

We welcome questions. We believe an appraisal is an important part of your financial affairs and you deserve to fully understand the process.

A professional appraisal can help you accomplish a variety of goals. You can settle an inherited estate or resolve division of matrimonial property; you can arrange financing, prove your financial worth, or determine your relocation costs; you can set a fair market price for your home when selling - and help the sale since the buyers can often use the same appraisal to obtain their financing.

To arrange your property appraisal, you can either contact Benson Appraisals or click on the following links to complete an inquiry form orcontact an appraiser in your area or order an appraisal

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