Property Buy Listing

Looking to purchase a property, and want to ensure you’re not overpaying?

A house appraisal is a crucial component of the home-buying process and should not be overlooked, especially if you’re considering purchasing a property off-market. 

House Appraisal by National Appraisals

A house appraisal is an unbiased opinion of the fair market value of a property provided by a qualified and experienced real estate appraiser. When a buyer knows how much a house is really worth, he or she is less likely to overpay for a home. In the case of a house purchase or refinance, it also provides assurance to the lender that it is providing the borrower with an adequate amount of financing.

Which Factors Influence the Value of a Home?

When determining the value of a property, an appraiser considers a variety of factors. They can significantly enhance the value of the residential property and the value the seller will receive for it. Therefore, before purchasing a home, it is necessary to have an appraisal to ensure that you’re not overpaying for the property, and understand what the market comparables are.

 Here are a few examples of common considerations:

Comparable Properties

An appraiser at National Appraisals looks at previous sales of similar properties, particularly those that are comparable in size and location to the property being considered for sale. Two properties are truly never the same unless they’re built by the same builder, have identical similar floor plans and material quality, and are located on the same street in the same neighbourhood. 

Condition of the House

The overall condition and age of a house are taken into consideration by our appraisers. This covers everything from the interior material quality and basement development and various other factors. All of these factors assist National Appraisals in developing the final estimate of value.

Location of the House

An appraiser takes into account the home’s location, which may include access to amenities or other notable characteristics, as well as the school district ratings and the home’s accessibility to public transit options. The most important factor with the location of the house is the neighbourhood its in. 

Lot Size Measurement

Lot size information is given to us by the municipality or the land registry system, and it allows us to understand what the land value is that the property sits on.

Upgrades

If a house has undergone significant upgrades, such as expansions or renovated rooms, the appraiser will take it into consideration as well. It will significantly affect the purchasing and selling price of the property.

 

The Appraisal Process

National Appraisals provide a thorough appraisal service to let you decide the true value of your property. It helps you do so in the following ways:

 

• Provide a general evaluation of the residence.
• Concentrate on whether or not the agreed-upon purchase price of the house is in accordance with what it is really worth.
• Comparing the home’s characteristics and condition to those of comparable recently sold houses.

Checklist For Obtaining a Purchase Appraisal

• Examine the property prices and recent sales in the area
• Determine the current state of your chosen house so that you can budget for any required repairs in advance
• Include an appraisal condition in your offer so that your offer may be withdrawn if the appraisal proves that you have provided an above market value offer to the seller.

The Advantages of Getting an Appraisal

Here are some examples of how an appraisal may be beneficial to you:

 

• It contributes to the advancement of the mortgage approval procedure
• It ensures that you are not paying more for the house than the house is really worth in the first place
• If the appraisal comes in lower than anticipated, you may be able to negotiate a reduced selling price for the property in question

 

 

Contact us today and get a quote.