If you’ve had your home for a few years now, chances are that your home’s current market value is now significantly different compared to when you first moved in. If you’re wondering what is your home’s value now, then a home appraisal is a must!
What to Expect for a Home Appraisal
Once the home appraiser arrives at your home, he or she will tour your whole place. Your home will be examined for what’s good, what’s changed, and what’s broken. All these data will be compared the same data set when you bought your property. The resulting current value is hopefully greater than that to allow you to get a greater selling price.
It should be noted that a home appraisal is not just for merely satisfying your curiosity. If you’re planning to rent, sell, or refinance your home, getting its up-to-date market value straight from a professional home appraiser is in order.
The whole process of home appraisal will set you back a few hundred dollars, but you can easily get that value back especially if you call around to find the right professional for you. More so, you can get a lower capital gains tax should you decide to sell if the property you’re appraising isn’t your primary home and has had upgrades.
Take note that a home appraisal can likewise reduce your home’s current market price because it can highlight any home problems you may have. This is why it would be best to do easy and minor repairs that pack a ton of value.
Preparing for the Home Appraiser
Since the home appraiser will be assessing your home, it is advisable to make your home look its best. After all, you will want the home appraiser to like what he or she will see. Below are some tips for you.
- Clean up. Make everything tidy and be sure to clean your walls, floors, carpets, and baseboards. A clean base will go a very long way.
- Make your outdoors shine. It is so easy forget the outdoors but remember that your lawn and backyard is part of your property too. Clean up any debris, mow the lawn, add some flowers and greens, and be sure to clear snow from all paths if the home appraiser is visiting you in winter.
- Upgrade what needs upgrading. Old shower heads, leaky faucets, and dated light fixtures making your home look and feel drab? Change them up now!
- Repair what needs repairing. Have cracks in the walls, broken windows, and non-functioning lights? Fix them ahead of time. They can seriously decrease your home’s value.
- Do your research. There’s a big chance that the home appraiser already knows how much other homes in your area are being sold for so you knowing the same surely won’t hurt.
Once you’ve done all of the above, it is time to welcome the home appraiser to your home. Be there to answer their questions and walk them through your place. Once your home appraisal is done, you’ll hopefully hear that your home has a higher marker value now compared to how much you bought it for.
Planning to refinance your mortgage or go for a second mortgage? Contact your Toronto mortgage brokers! We’ll help you get in touch with private lenders that offer the best rates for your needs. Get in touch with us today!