Are you planning on selling your home and need to determine its actual value? Did your lender request an appraisal on a prospective property you want to purchase? Are you planning on refinancing your house? An appraisal from a licensed and experienced Ottawa real estate appraiser is an effective method for valuing your home. However, an inaccurate appraisal can result in some serious drawbacks, and you must choose the right person for the job. This will help you to minimize the potential losses and get the best price for your property.
How to Prepare for a Residential Appraisal in Ottawa?
Although there is nothing to stress about, it’s advisable to prepare beforehand for a real estate appraisal. The following are some of the best methods to prepare for a residential appraisal.
Look for Damages and Repair Them
Any major exterior defects or leak in the roof can decrease the value of your home. Therefore, it’s critical to check all parts of your house for any damage and solve the problem before the appraisal. Pay special attention cracks on the walls/ceilings and foundation. Those are major defects that would need to be fixed or replaced.
Give the House a Fresh Look
Keeping your home modern and updated is a benefit when a real estate appraiser in Ontario is estimating the value of your property. For example, installing new faucets in bathrooms and simply painting a few walls can have a positive impact on the appraisal.
Other than these modifications, simple cleaning of your home is also very important. Wash the driveways, decks, and exterior of your house to freshen its appearance. Likewise, shampoo the carpets and remove all the clutter from your property. This will make your home more attractive to any Ottawa real estate appraiser as well as buyers. This does not mean that a higher value will be placed on the property, but it simply makes the property more attractive. The value of the property is derived from mostly comparable sales not the interior cleanliness of the property.
Tell the Appraiser about the Home Improvements
You need to add as much value to your house as possible to get the most out of your property. For this reason, it’s important to inform the appraiser about the improvements you have made. For instance, you may have updated bathrooms and kitchen or added a new room into the original plan. Likewise, you can talk about the safety equipment (smoke alarms, security alarms, etc.) that is installed in the house.
Perform a Research in the Neighborhood
This is probably the most important aspect of a residential appraisal, but it is often ignored by home owners. You need to go into the neighborhood and gather data about the prices of homes sold recently. You can also ask the owners of those properties about the problems they faced during their appraisals. This will make the entire process a lot easier for you.
In addition to that, having no rear neighbors, an in-ground pool can increase the value of your home. Discuss all these points with your real estate appraiser in Ottawa.
How to Get a Real Estate Appraisal Completed in Ontario?
You can go to the Order an Appraisal page in order to request a quote. You also will need to make sure that the appraisals completed by CNA are acceptable by your lender for mortgage or refinancing purposes. Keep reading to know about the steps that you need to take for Ottawa residential appraisals.
Prepare the House for the Appraiser
Try to make some minor improvements in your home before the appraiser’s visit. This is because a little bit of effort could potentially add to your home’s appraised value. For example, you can repair the cracked floors, fix leaking roofs, and clean the exterior to create a good impression.
Schedule the Appraisal and Gather Necessary Documents
When your home is ready for an appraisal, decide the date of inspection with our appraisers. Make sure that you have the documents for all the home improvements that were made in the last 10-15 years. Whether you added a new room into the property or made some upgrades, supporting documents should be there. Additionally the appraiser might ask for the property tax invoice in order to complete the appraisal information.
This is the last step of a residential appraisal in Ottawa. We will forward your appraisal report to the bank, mortgage broker or your lender. If the appraisal is requested by you, then the report will be forwarded to you.