Home appraisals in Ontario are an important part of any professional real estate transaction, no matter if you are looking at houses for sale or listing your own home for sale. Whatever the case, you will encounter a home appraisal at some point. Since it is so important, you should have an understanding of what a home appraisal is and what to expect ahead of time.
What is a home appraisal?
A home appraisal, or property appraisal, refers to the professional assessment of a home carried out by a professional appraiser who will conduct a thorough inspection of the property to help determine its actual value. In some cases, the appraised value will not be the same as the listing price. Your home appraiser will create a report of all of the things that they find about your property, whether they be good or bad, which will show you your home’s appraised value.
What is a home appraisal based on?
These are some of the most important aspects that a real estate appraisal will take into consideration:
- Your property’s location
- The interior and exterior condition
- Any exterior additions, like outbuildings, swimming pools, landscaping, etc.
- The square footage of the property
- The total number of bedrooms and bathrooms
- Any additional amenities such as central air conditioning, fireplaces, or an updated kitchen
- Any visual issues, like water penetration or obvious housing defects
- Any outdated parts of the home
Why Home Appraisals are Important
Real estate appraisers play an important role during all real estate transactions, no matter if you are buying or selling your home. They are also a key part when dealing with financial institutions and insurance companies. Appraisers help sellers by giving them the appropriate price which reflects the home’s fair value, and they help buyers pay the right price when getting your first home appraisal in Ontario.
Getting the Maximum Appraisal Value for Ontario Real Estate
There are a few things that you can do as a seller to help increase your home’s value in preparation for an appraisal.
Vet Your Competition
You should check out the sales prices of other houses for sale in your neighborhood that are similar to yours in square footage, layout, upgrades and condition. It’s a good idea to go back around 6 months or to look at homes that were sold at the same time of year that you are planning to sell, because housing markets tend to experience similar seasonal ups and downs.
Fix Minor Issues
They may seem small, but an appraiser will take note of any minor fixes that you have in your home. This is the time to get started on your to-do list of projects that almost every homeowner has but keeps pushing off. For example, a minor issue you may neglect when getting your first home appraisal in Ontario are oiling the hinges on any squeaky doors, tightening the screws on any handles or finally fixing that running toilet.
Increase Your Curb Appeal
Besides the interior of your home, the exterior will also matter when determining your home’s overall value. Think about the exterior of your home like a book cover. Buyers and appraisers will be judging it and the exterior of your home also gives others a first impression. A home’s exterior condition is usually an indication of the conditions of its interior.
If you’re not sure where to begin, it could be a good idea to start small with fixing a few shingles or unclogging the gutters. You can also make sure that the pathways leading to your home are clear and well-lit.
You can try adding in some charming decorative elements to the doorways, and make sure that your lawn is clear and well-maintained. All of these small efforts can make a big difference in making the exterior of your home more visually appealing.
