Residential appraisals are an integral part of the home valuation process. They determine the value of a property which can be quite helpful for all the associated parties. For instance, sellers get to know the market value of their home without paying any fees while buyers get an assurance that they are paying the right price. Similarly, lenders can feel confident about lending a sum of money to the lender while relying on an appraisal report for the value of the property.
Often times there are requests from homeowners who request an appraisal for tax purposes, estate planning, divorce settlements, mediation, private purchase and sales, development planning, and more.
Some people confuse residential appraisals with comparative market analysis (CMA) because both of these services result in a value report. Despite this similarity, both of them are significantly different. A CMA is generated by real estate agents for their clients to help them find a realistic selling/buying price for a property. On the other hand, the primary objective of a residential appraisal is to help a lender make a reliable decision, and the for the homeowner know the exact value of a property. Often times the CMA report relies on non-arm’s length transactions, and discounts a lot of variables such as material quality, renovations, age of the property and more.
The following are some of the key characteristics that appraisers consider while checking a property.
The price for residential appraisals in Toronto ranges between $250 and $700. However, the exact cost of an appraisal depends upon several different factors, such as the size and type of the home. The geographical location of the property and the reputation of the appraiser can also influence the price.
Our coverage area include GTA, Barrie, New Market, Richmond Hill, North York, Mississauga, Brampton, Ajax, and all surrounding areas.
We also provide appraisal services in Kingston and Ottawa.
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