011: Appraiser Scott Thompson on the Best Ways to Reinvest into Your Home

Kyle Miller talks with Scott Thompson of Affiliated Property Group in Ottawa, ON.

Introduction

Scott Thompson is a Partner and Senior Appraiser with Affiliated Property Group in Ottawa, ON. First starting with APG in 1989, Scott has been a Senior Partner for 5 years. With over 18,000 total appraisals, Scott has developed a keen eye for understanding the market and best representing his clients, presenting the optimal options and assessments. He specializes in Separation of Assets, Estate Valuation, Capital Gains Assessments, and Mortgage Appraisal Reports.

APG has completed over 100,000 appraisals, received a 98% approval rating by clients, and is accepted by more than 99% of all lenders. Working with one of the largest and most comprehensive databases in all of Canada, APG has the knowledge and expertise to back their outstanding reputation.

Scott shares about the home appraisal process and important information for new homebuyers.

Real State Property Residential Investment Concept


Key Points

  • [1:01] How did you get into the business?
  • [1:51] How do you become a real estate appraiser?
  • [3:23] What is the differentiation between an appraiser and a home inspector?
  • [5:15] How do you assess a home in light of emotional attachment?
  • [6:52] What is the biggest challenge in assessing the value of a property?
  • [8:43] Not all renovations offer a dollar-to-dollar return value.
  • [9:50] Do not overspend on renovations. There are other factors in your property that affect the assessment.
  • [11:43] We do not set the market value; we assess it.
  • [14:28] How do you contact clients?
  • [19:02] What sort of time investment goes into a typical assessment?
  • [23:08] How does the time of year affect the market?
  • [25:01] What is included in the typical report that a client can’t normally find out?
  • [26:51] What about a mortgage default?
  • [29:45] What can people do to improve their appraisal and the value of their home?
  • [31:31] What is the best real estate advice you’ve ever received?
  • [35:01] How do the other attachments on a home affect the value?

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