Checklist for an Ontario Home Appraisal
Suppose you are involved with real estate transactions in Ontario. In that case, you must be aware that home appraisals form a very important part of it. It is important even if you are considering houses for sale or looking to list your own house for sale. Whichever the case, you can’t proceed without (in our case) an Ontario home appraisal. You should know everything minutely about the process and what to expect from it ahead of time.
What is a home appraisal?
A home or property appraisal is a professional assessment of your home. It is carried out by professional appraisers who conduct a thorough inspection of the property in discussion and help you understand its real value/market value. Certain instances can also occur where the appraised value won’t match the listing price. Everything found about your property on inspection will be listed by the appraiser, who will then make a detailed report of the same. It might be good or bad, but the home’s appraised value will be known to you.
What is the appraisal based on?
Here are some of the most basic yet important aspects that are taken into consideration while a home appraisal takes place in Ontario:
- The location of the property
- The condition of the property, both interior, and exterior
- The additions in the exterior, landscaping, swimming pools, outbuildings, etc.
- The total number of bedrooms and bathrooms available on the property
- The square footage of the entire property
- The presence of additional amenities like fireplaces, central air-conditioning, and updated kitchens
- The outdated parts of the home
- The presence of visual issues like housing defects or water penetration
The home appraisal cost in Ontario can range from $350 to $700 if you choose a professional real estate appraiser. They will come and investigate your property thoroughly. However, these charges may vary based on specific services and needs.
Why are home appraisals important?
Home appraisals form an important part of the entire process for any real estate transactions you plan to make. It is important even if you are buying or selling the house. Getting your homes appraised is crucial even if you are dealing with insurance companies or other financial institutions. Appraisals help the sellers get the appropriate property price and reflect the fair home value. This also helps the buyers to buy the house at just the right prices.
How do you get the maximum appraisal value for your property in Ontario?
When preparing the house for home appraisal, here are a few things you can do to increase the appraisal value.
- Vet your competition
You should check the prices of other houses on sale before you list yours. You need to check if the square footage of the properties is the same and if they are aligning with your property in terms of layout, upgrades, and condition. You need to do 6-month research before deciding on anything as the property prices can have a seasonal downfall or uprising. It is better to plan after having the right knowledge of the timeline and the price estimations.
- Fix the minor issues
There might be existing issues in your property, which might seem small initially. But these will immediately get noticed by the appraiser. So, take note of such issues in advance and fix all the problematic areas as soon as possible. Make a to-do list of repairs that your project needs, which usually gets ignored, and attend to them at once. Issues like squeaky doors, running toilets, or loose screws can greatly impact your property prices.
- Increase the curb appeal
Along with the interiors, the exterior of your house also has an equally important role. This will determine the overall look of your home and improve the final value. The exterior of your home is equivalent to the cover of a book. The appraisers and the potential buyers will judge your place based on the home’s exteriors. If your exteriors are well-maintained, they will create a great first impression. The condition of the exterior will also give an idea about your home’s interior.
If you do not know where to begin the home’s appraisal process, our small guide above will help you out. With its help, you can now control and improve your home’s overall sale value. So start small and wise with unclogging the gutters or fixing a few shingles.
The pathways that lead directly to the main entrance of your house must be clean and well-lit all along. Start charming your interiors with some decorative and aesthetic elements along with the doorways or inside the living space.
The lawn is also an important area that needs your attention. Hence, ensure that it is clean and well-maintained.
These small efforts will lead the way toward making a big and promising difference. This will not only entice the appraisers but will also ensure the buyers that they are investing in the best deal.
Simply take the best care of your property; rest everything will follow. Hope this guide helped you if you wish to have a home in Ontario.