That is why we create multi-year programs with free updates for our clients so that they have a recent appraisal available to them at all times. Having your property appraised frequently will ensure that the latest changes to construction costs, building codes, and bylaws are incorporated into the appraisal.
The appraiser will need to meet someone on site, who can provide access to a typical suite (residential), common areas, parking garages, and mechanical rooms.
The appraiser will need to borrow blueprints or obtain Strata Plans so that accurate floor area measurements can be obtained.
No. Insurance Appraisals typically cover the buildings only.
Common equipment such as swimming pools, jacuzzis, security systems, and handicapped lifts should be included in your appraisal. Other equipment such as exercise machines, televisions, and billiards tables may be included, but this will depend upon the arrangements made with your appraiser.
If they were installed and paid for by the building owner, yes.
In a situation where the building is older and most of the suites have undergone some replacement or modification, it is the appraiser’s responsibility to determine a reasonable estimate of the overall type and quality of finish. Any information provided by the owner or managers that will help clarify this to the appraiser is important.