In order to approve financing for new construction homes, lenders need to be able to project the home’s “as complete” value. This can be difficult to determine, especially if there is a lack of comparable homes nearby.
We can help. Whether you are a lender, buyer, builder or mortgage broker, our certified real estate appraisers provide accurate property value appraisals for brand new homes at all stages of the construction process.
Starting with a property valuation of the empty lot, we build an “as complete” appraised value of the home based on several factors. Our first step is to look at the costs to install utilities to the vacant lot, including water, gas, sewer, electricity, and phone / internet service.
Next, we examine the house plans to determine how much it will cost to build the home. To do this, we look at basic construction costs, but also factor in the quality of the final build. Depending on the project, the finishing details added by the contractor can dramatically affect the final building costs for newly constructed homes. For example, will the home include pre-fabricated cabinetry, or does the design feature custom millwork in the kitchen, bathrooms, and elsewhere in the house? What types of finishing materials will be used for countertops, flooring, crown and floor moulding, and the exterior of the home? What about lighting, appliances, fireplaces, and other amenities like Heat Recovery Ventilators, solar panels, and built-in audio / visual systems?
We also look the costs associated with finishing the exterior of the home. Exterior finishing materials like rockwork, siding, doors, and roofing can vary widely in cost. The landscaping affects the final value, too. We determine whether landscaping is included in the final build, and if so, we add the projected final costs for plantings, rockwork, water features, fencing and outbuildings.
Once we’ve built our appraisal to determine what the home value will be upon completion, we repeat our inspections following the schedule for payment installments set by the lender. Typically, this means we complete an appraisal at lock up (when doors and windows are installed), at the drywall stage, and upon completion of construction.
At this point, the final construction appraisal can be used to by the builder to determine the fair market value for the new home, and for potential buyers to secure their mortgage financing.
An accurate appraisal for new construction homes requires special expertise in all aspects of the building process, as well as thorough knowledge of the Victoria real estate market. Our team of Appraisal Institute of Canada (AIC) certified appraisers can build a complete property value report of the highest quality to facilitate the construction process from design to build.
Job Title: AIC Candidate Appraiser
D. Fritz Appraisals Inc. is an established Real Estate Appraisal company that has been part of the Capital and Cowichan Valley community since 1998. We are excited to announce our company is ready to grow again and are searching for an AIC Candidate Appraiser to join our busy team to expand up-island in Nanaimo and the surrounding area.
The position available will be an independent contract, with a commission-based fee split. The successful Candidate will work under and be mentored by our AACI designated Appraiser. Our small team also consists of a CRA designated Appraiser (owner), three other AIC Candidates, and two Office Administrators. This is a work from home position, with an online virtual office to maintain and encourage communication and teamwork within the company. All computer software will be provided.
Responsibilities Include:
· Perform on-site inspections, ensuring measurement accuracy, taking photographs and data collection;
· Pull comparable sales and assign values to complete appraisal reports efficiently;
· Meet turnaround times to ensure client satisfaction;
· Develop relationships with lenders, brokers, clients, and other members of the public;
· Continuously improve their knowledge regarding cost, market, and valuation trends;
· Abide by all company policies and procedures;
· Attend staff meetings as required.
Qualifications Needed:
· Valid Driver’s License and driving record that meets company standards
· Clean Criminal Record check
· A keen interest and knowledge of Vancouver Island’s real estate market
· Registered Candidate Appraiser with the Appraisal Institute of Canada (AIC)
· Must have proficient writing skills, be thorough and attentive to detail
Please forward a PDF copy of your resume and cover letter to [email protected].