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And though most people perceive the two terms as synonymous and they are similar processes, they have in actuality glaring differences.Residential real estate valuation may be essential for a number of purposes; starting from buying and selling these stretch to taxation, to use as collateral, (bank related), decision making (such as for investment) and others.While both Evaluation and Appraisal are ways to arrive at an estimate of the value of real estate, the distinctions in the Canadian context, as pointed out by UCAS real estate appraiser Toronto are:Appraisals can only be conducted by certified professionals ...
It may be done by any of the involved – the buyer, the seller, brokers, agents.Appraisalsrequire detailed analysis of all the property's features, with an accompanying detailed report that also must contain a summary of the logic used (e.g.
why a particular methodology was employed) to arrive at the estimate being reported.
Even snap judgments may constitute Evaluations.Appraisals may be insisted upon by statutory bodies and banks in Canada (although in cases mere evaluation might suffice).Evaluation is the starting point for the more complex process of appraisal.
Role of Residential Real Estate valuation While Appraisals are almost always useful for some stakeholder or the other in any commercial real estate deal, it may not always be so case in the case of residential real estate.
Consider these situations:When perceived values match in buyer-seller transactionsWhen buying directly from the builder (not a resale situation)When the “Market Value” is well established and easily obtained.
Deals in real estate buying and selling.
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