The time has come for an appraisal on our home, complete with a 2 bdrm legal suite. We wish to re-finance and hopefully move on to the next one, we have no intention of selling. I called around to my mortgage broker, our lender and a couple of agents for a recommendation. The same name kept coming up so we called him. He has many years of experience to his credit and liked what he saw in our property. Within a few minutes of being here, he basically said that the 2 bdrm legal suite that we added, does not add any extra value whatsoever. Some other things he mentioned made me question his professionalism. He stated the basement is liveable, usable space and the fact that its suited makes no difference. He also stated the potential buyer would be a young couple with maybe 2 kids and they would have to re-open the stairway to have use of the basement and would not be interested in a suite to offset the mortgage cost. We were speechless and should have ended our working relationship right there, but no, we went ahead with it because we were excited about the next one. The appraisal came back and I believe it is fair market value for a single family home in this area without a suite. None of the comparables he used had suites and sold 5 months ago. Our home is located in central Nanaimo and very close to the hospital (which he said was a negative). Yes, it is a noisy street but the location is desirable.
What can we do now as we feel the appraisal is at least 20k short?
What can we do now as we feel the appraisal is at least 20k short?
