How To Boost The Appraised Value Of Your Toronto Real Estate
Mortgage lenders usually require that a home appraisal be conducted before they will finance any Toronto real estate – they want to know what they are paying for. But sellers may also get appraisals to know their property value and homeowners may need an appraisal if they are seeking equity take out (“taking money out” of their property for other things).
Make small repairs before having your Toronto real estate appraised.
There are several ways you can boost the value of your home and in turn get a legitimately higher appraisal – some are cheap and quick, others are more costly and time-consuming. Depending on your situation, some of these methods could definitely be an option if you are considering an appraisal for your Toronto real estate.
Make your home comfortable during the appraisal.
A quick search of tips for preparing for a home appraisal reveals one distinct commonality: put your pets away! Your pets might make the appraiser nervous or distract them, and the state of your home during an appraisal should be somewhat similar to that of an open house – fresh, clean and comfortable. Generally, pets are a no-no. You should also ensure your home is nice and cozy in the winter or cool in the summer, so the appraiser isn’t wondering if your a/c is broken.
Don’t let little things get in the way.
Homes are generally valued in $500 increments, which can add up (or bring you down). If there are small repairs that cost less than $500 to fix, try and repair them if they are in your budget. These small repairs can include fixing cracked windows, small structural damage or leaky faucets.
Prepare a list of improvements.
If you’ve owned your home for years, provide the appraiser with a list of improvements you’ve made over the last 15, including dates and their cost. The appraiser may not notice that you’ve insulated your roof or updated an old bathroom sink, so let them know.
Your list of improvements should not be limited to your home and property, either. Your neighbourhood has likely changed over the years – maybe there is a new playground, super market or recreation centre nearby that’s made the neighbourhood a great place to live.
Renovate wisely.
If you are planning on spending a bit of money to spruce up your home anyway, make sure you’re renovating where it counts. This home improvement investment return calculator from the Appraisal Institute of Canada will help you determine the renovations that will boost your home’s value the most.
Tidy your home.
Kid’s toys scattered about the floor is not going to affect the value of your home. But marked up walls, dirty carpets and other damage might, so give your home a good once-over before the appraisal.
How To Boost The Appraised Value Of Your Toronto Real Estate is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale