How Does the Home Appraisal Process Work in Ontario?  

An appraisal is the process of finding out the value of your home by an expert who is impartial and unbiased with their judgement. These appraisals are utilised in mortgage refinancing and house purchase transactions in Brampton and GTA.They are crucial for all parties involved in a specific real estate transaction (lender, seller, and home buyer). 

When it comes to home purchase, an appraisal aids in ensuring that the home selling cost is accurate. The home’s condition, the neighbourhood, and the location where it is – all of these are some of the factors that will determine the cost of the house. 

In refinancing, the appraisal is crucial for the lender to find out the amount of funds that can be taken or borrowed. 

Do you wish to know more about how the home appraisal process works in Ontario? Well, here’s an in-depth article that gives you a proper explanation of the home appraisal process. Before you get in touch with a top-rated real estate agent in Brampton, skim this post carefully. 

Defining Home Appraisal 

Well, you already got a sneak peek of what it means. However, allow us to put it in simpler words. A home appraisal is also known as property appraisal and it is the professional assessment of a house. It is carried out by a professional appraisal who does thorough inspection of your property to find the right value for it. The listing price and the appraised value may not be the home, but the appraiser will create a full report of all things they saw or found at your property. They analyse the good bits and the bad ones too.

Home appraisal is based on the following factors: 

• Interiors and exteriors of the house
• Condition of the interiors and exteriors
• Property’s location
• What’s the neighbourhood like? 
• Exterior features like landscaping, swimming pools, and out house
• Square foot of the property 
• Total number of bathrooms and bedrooms 
• Amenities such as fireplaces, air-conditioning, and kitchen fixtures
• Any kind of visual concerns like water penetration or any kind of defects

How Does Home Appraisal Work in Ontario? 

If you want to sell your home, it is important to get a home appraisal. Before you call an appraiser to give an estimated value of your home, there are certain things you need to do. 

#1 Check the home for any visible damage. 

Repair these if you have the budget to do so and need the right value for your property. Pay close attention to the cracks in the walls or ceilings. An appraiser will note down everything and they will perform the analysis in an unbiased manner. 

#2 Give your home a fresh new look. 

Perhaps paint the walls and call a landscaper to fix the garden or the backyard. You want to showcase a dream home to the appraiser and the prospective buyer in Brampton. 

#3 Convey about the improvements you made to the house recently.

The appraiser needs to know that you have put in money to make the repairs. You can talk about the safety equipment installed recently. This could include the fire alarm, CCTV, and other security equipment. The appraiser might raise the value knowing that you have added some extra features to the home. 

#4 Do some ground-work like researching the rates of the house in the neighbourhood. 

If the appraiser evaluates and tells you that the price is X, you can let them know about the market rate of the house. 

Once you have done the inspection bit and also made the repairs, it is time to call the appraiser. 

Here’s how it works in Ontario: 

You have to schedule the appraiser’s visit to your home. Decide the date for the inspection and make sure you prepare your house for it beforehand.

Make sure you have all the documents of the repairs you made in the last 15 years. These documents are necessary because you have to show it to the appraiser. The appraiser might ask for the property tax invoice as well, so keep it ready. 

Once the appraiser has analysed the property, they will send a detailed report to the bank, lender, or mortgage broker. In case the request is made by you, they will forward the report to you. A top-rated real estate agent in Brampton will also recommend you to get a home appraisal. This will also give them an idea about how much your house is worth. 

Note: The appraisal takes place right after the buyer and the homeowner have met and decided the price for the house. Once the agreement comes into the picture and is signed, the lender will send an appraiser to determine the true value of the house. However, the homeowner can get an appraisal before buyers start approaching them. This way they get the time to fix anything that’s required. 

Quick Tips to Get Higher Appraisal 

Knowing the value of your home is crucial, but if you want the best valuation, it is required for you to follow some tips. 

Here are some tips to get higher appraisal: 

#1 Get the house deep-cleaned 

Make sure you hire an expert cleaning service provider to clean the mess. 

#2 Get some fresh paint on the walls

No easy fix than adding a fresh layer of paint. Choose a neutral, light colour that makes the space look move-in ready. 

#3 Empty the house 

There should be no gathering or full-house when the appraiser comes to visit you. 

#4 Look for small changes with a big impact

It can be made like cleaning carpets, mowing the lawn, and ensuring that all the light fixtures are working. 

#5 Check if you have any leaky faucets or cracks

You need to fix this beforehand otherwise the appraiser and home buyers will turn away from your property. 

Home buyers benefit from the appraisal because they need an unbiased report of the property. If there are any glitches, it won’t be hidden from the buyer. As for home-owners, they have an opportunity to make changes and increase the price of the home. A home appraiser will give you a fair report of your house, and you can use this to your advantage by fixing anything that needs repair.

Are you buying a home? A first-time home buyer realtor in Brampton will help you find a home and they will also connect you with a reliable home appraiser.