One key benefit of working with Calvert Home Mortgage Investment Corporation is utilizing our in-house valuations for real estate investors, which saves you time and money and makes the borrowing process more efficient. This allows us to provide you with an amazing client experience, where expert eyes on the property provide you with peace of mind that the project will be successful. It also helps us feel secure in the scope of our loans and keep our finger on the pulse of what’s happening in the market.
Here’s what you need to know.
How do our in-house valuations work?
Calvert Home Mortgage has a team of in-house real estate analysts who will determine the market value of your project using the Direct Comparison approach.
The Direct Comparison approach is the standard approach used by appraisers as it best reflects the buyers and sellers in the market for single-family homes.
This approach produces a value by comparing the subject property with similar sold properties, called comparable sales. The Direct Comparison approach is based on the Principle of Substitution, which implies that a rational real estate investor or purchaser will pay no more for a particular property than the cost of acquiring another similar property with the same features.
What are the benefits to you?
An appraisal ordered by a bank can cost anywhere between $400-$1,200 and can take days or even weeks to get back. On qualifying properties, our Real Estate Analysts will have an answer often within 1-2 business days at no cost to you.
You’ll get an “As Complete” market value based on the renovation plan you submitted to the Real Estate Analyst. This means how much your renovation will be worth once complete. This allows you to consult with us to determine if the project looks successful.
If your project looks successful, we’ll provide financing based on our “As Complete” market value, allowing you to purchase the property without a finance restriction.
This key advantage allows you to compete in fast-moving markets and save money on a third-party appraisal.
What do we need from you?
To complete the “As Complete” market value assessment, we require your project budget and description of the work to be completed.
Tell us what you’re doing! The more detailed you can be in describing the renovations and improvements you’re planning for the property, the more accurate our real estate analysts can be. After-repair value is an important component of your project.
Let’s say you’re renovating the kitchen. Don’t just say – “renovating the kitchen”. Give us the details:
- Opening the floor plan by removing the wall between the living room and the kitchen.
- Adding an island with a waterfall countertop.
- Replacing all the cabinets with white shaker-style cabinets that extend to the ceiling.
- Updating the backsplash with grey chevron tiles.
- Putting in a farm sink and built-in stainless-steel appliances.
- Upgrading the lighting with modern pot lights and pendant lights over the island.
Providing examples of previous work or pictures of homes with similar renovations is also very helpful. Our Flip Analyzer Tool for the Alberta and Ontario markets will provide you with more information on the details we look for in assessing your project.
Do we ever use third-party appraisals?
Yes, in instances where the home’s value is over $1.5 million or has zoning different from residential, such as commercial, industrial, or mixed-use zoning. We may also use third-party appraisals in some cases where the property is very unique, like homes with a unique style, design, or location within their community.
Learn More
To learn more about our in-house property valuations, watch this video with Jesse Bobrowski and Robin Mackay, Calvert Home Mortgage team members.
If you have questions about our in-house valuations or any other services we can provide for you, let’s talk! Get in touch with our team via the contact information listed below.
For Alberta inquiries, contact Kaelan Nelson.
Email: kaelan@chmic.ca
Cell: 587-585-4571
Office Phone: 403-278-0249
Book a meeting here.
For Ontario inquiries, contact Katarina Jarossy and Dan Werner.
Based in the GTA?
Email: katarina.jarossy@chmic.ca
Cell: 416-799-2553
Office Phone:1-888-752-4642
Book a meeting here.
Anywhere else in Ontario:
Email: dan.werner@chmic.ca
Cell: 416-316-5336
Office Phone: 1-888-752-4642
Book a meeting here.
