The Benchmark Group - Edmonton

Your Central Alberta Appraisal Specialists

 

Located in beautiful Camrose, Alberta, The Benchmark Goup provides Residential, Acreage, Agricultural, and commercial appraisals for financial institutions and individuals.  Our staff is certified by the Canadian National Association of Real Estate Appraisers (CNAREA) or the Appraisal Institute of Canada (AIC).

 

Services Include Residential, Acreage, Agricultural, Commercial, Land, and Insurance Valuations.

 

What is an appraisal?

 

An appraisal is an unbiased and dependable opinion of the market value of your home, acreage, farm or business.  The value is developed by a certified appraiser after a comprehensive review of your property’s features and size, and a comparison of your property with similar properties that have recently sold in the area.  The value is determined using various methods of calculations and comparing the results of those calculations to arrive at a market value.

 

What does the appraiser do?

 

The appraiser will view your property at a scheduled appointment to take pictures and measurements.  The appraiser will note:  construction methods and materials; special features, the age and the condition of the home; location and neighborhood factors.  The viewing will take approximately a half an hour, but longer appointments will be needed for large homes and farms.  After the viewing the appraiser will complete market research and develop the report.  The appraiser will gather information from MLX systems, local municipalities, real estate agents, his own files and market knowledge.  This final report will usually be completed in a few days.  More complex assignments will take longer.  Information that can be provided to the appraiser that assists the development of market value include; building blueprints, property tax notices, and a list of property features.

 

Why do I need an appraisal?

 

There are various reasons property owners require an appraisal.  Often your bank will request the appraisal when you require mortgage financing.  An appraisal is needed for estate purposes or other legal situations such as divorce or foreclosure.  Employee Relocation agreements may require an appraisal to establish the value of the property for price guarantees.  Insurance companies will request an appraisal in the event of property loss due to fire, flood or other damage.  Determining market value is also useful in the event that you require compensation for use of your land for a pipeline or transmission line.  The person or entity who requests the appraisal will become the client and the appraisal report will belong to them.

 

What is the difference between a property assessment and an appraisal?

 

An Assessment of your property value appears on your annual Property Tax Notice.  This assessed value differs from an appraisal in many respects.  The Assessment is a bulk basis analysis.  Your specific home is not viewed and special features of your home are not taken into account.  The assessed value is based on a statistical overview of the property values in a neighborhood a year in the past.   The appraisal is specific to your home, and is a current market value, taking into account recent sales of homes that are chosen for the specific similarities to your home and neighborhood.  Sometimes the appraisal and assessed values will be similar, but often they will vary.

 

How do I choose an appraiser?

 

An appraiser needs to be a member of one of two associations in Canada, either CNAREA (Canadian National Association of Real Estate Appraisers) or AIC (the Appraisal Institute of Canada).  An appraiser in Alberta will also be a member of RECA, the Real Estate Council of Alberta.  Membership in these organizations gives you, the client, confidence that your appraiser is educated, insured and has passed criminal records check.  Knowledge of the market area is a key factor in choosing an appraiser.