📝 Why Does a Home Purchase in Alberta Need an Appraisal?
If you’re buying a home in Alberta (especially with a mortgage), chances are your lender will require an appraisal — and here’s why:
🏡 1. Protects Your Investment
An appraisal ensures you’re not overpaying. It compares the property to recent sales to confirm the value is fair.
💰 2. Lender Requirement
Banks won’t lend more than a property is worth. If the appraisal comes in lower than your offer, it could affect your mortgage approval.
🔍 3. Special Property Types
Buying a rural home or something unique? Lenders often want extra assurance when there aren’t many comparable sales.
🔐 4. Mortgage Insurance Rules
If your down payment is under 20%, insurers like CMHC may also require an appraisal.
💰 5. Revenue Property
Appraisals are almost always required for the purchase of a revenue property.
Bottom line: Appraisals protect you and your lender — and help keep your home purchase on solid ground. ✅
Sometimes an appraiser will drive by the property to make sure it is still standing and check the exterior. However, most of the time, the appraiser is going to need to visit the inside of the property. Banks will not normally order an appraisal until the financing is otherwise approved.
Thinking of buying? Let’s make sure you’re fully prepared! 📲
#LethbridgeRealEstate #HomeBuyingTips #MortgageAdvice #RealEstateCanada #YQLRealEstate #Appraisal101
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