Appraisals help give home buyers and sellers an accurate valuation of the fair market value of properties. Along with buying or selling a home, you may need an appraisal before refinancing or obtaining a home equity loan. When you get an assessment for these purposes, you want to ensure that you get the highest appraisal possible.
Find Comparable Properties
Research your neighbourhood to start preparing for a real estate appraisal in Toronto. You should search for homes in the area that are comparable to your property. Look for similarly priced homes and search for recent home sales in the neighbourhood. While appraisers conduct their own research, you can verify that they have all the details about your area.
When searching for comparable properties, look for homes within two kilometres of your property. If you live in a rural area, you can increase the radius to ten kilometres. Find homes sold within the last six to twelve months. You may also want to find a couple of pending home listings to show more current pricing for properties in your neighbourhood.
Complete Minor Renovations
Home improvements can add to the value of your property. While you will not recoup all the money that you put into renovations, you can get a better appraisal by fixing up your house. Pay attention to the areas that add the most value, such as the bathroom and kitchen. Updating the electric, heating, or cooling systems also adds to the value of your property.
You should also document all your renovations. During a Toronto property assessment, you can provide evidence of your home improvements to the appraiser. Keep a detailed record of the costs of your renovations and take before-and-after photos. These details help the appraiser understand the amount of work that you have put into the property.
While you should show the appraisers evidence of your renovations and details of your neighbourhood, you also need to allow them to do their job. When the assessment begins, let the appraiser fully inspect your property. This helps the appraiser get an accurate view of the condition of your home.
Clean Your Yard and Exterior
Completing renovations and repairs inside the house makes it easier to forget about the exterior. The outside of the house is also an important part of house appraisals in Toronto. Clean your yard, trim the grass, and consider adding a few live plants to the landscape. These are simple fixes that you can mostly handle on your own.
Before you schedule an appraisal, take the time to prepare your home. Remember to research your neighbourhood, complete minor home renovations, and clean your yard. A little extra work can help you get a better assessment of your home.
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