The Best Reasons to Hire a Real Estate Appraiser to Determine the Value of Your Property

Real estate appraisals give property owners an accurate valuation for the fair market value of their properties. This is useful for a variety of reasons other than buying or selling a home or obtaining a mortgage. A qualified appraiser can help you in any of these situations.

Mortgage Refinancing and Reduced Property Taxes

The value of your property directly impacts your ability to refinance your mortgage. When refinancing, you need equity in your property. Real estate appraisers in Ottawa provide an accurate appraisal of your home or commercial property. If you owe more than the home is worth, refinancing is not an option. However, a high appraisal may help you obtain favourable refinancing rates.

You may also want a real estate appraisal in Ottawa if you believe that your property value has significantly dropped. Property taxes are determined based on the value of your home. An appraisal that results in a lower value may result in reduced property taxes.

Valuations for Marital Settlements

If a divorcing couple owns a property, they may require an appraisal to determine the value of the home. Typically, an appraisal is needed during divorce proceedings if the couple cannot agree on how to divide the property. When the mediator or attorneys begin dividing assets, the value of the home and other properties is included.

Leasing or Selling Commercial Real Estate

Before selling or leasing a commercial property, owners should complete a commercial appraisal in Ottawa Ontario. The property value is likely to fluctuate and getting an appraisal ensures that you are pricing your property correctly. Appraisers can help commercial property owners determine how much to charge for rent and provide predictions for rent escalation.

Estate Valuations for Wills and Inheritances

Estate planning requires a careful evaluation of assets, including real estate properties. When writing a will or determining inheritances, people may want to get an accurate real estate appraisal. Appraisals are also recommended for the inheritor of the property as the value may have changed since the date of death.

Real estate appraisals are useful for more than just obtaining a mortgage or selling your home. You should also know the value of your property when writing a will, leasing a commercial property, refinancing, or handling divorce settlements. Appraisals are also useful for insurance purposes, tax disputes, and corporate asset management. If you want to know the value of your residential or commercial property, work with a local appraiser who knows the area.

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