Appraisers in Toronto are responsible for assessing a home’s condition to provide an expert opinion on its estimated market value. Appraisal firms typically look into different factors to determine the best approach to value that applies to the home. These approaches are the direct comparison approach, income approach, and cost approach. To arrive at an accurate and reliable conclusion, appraisers have to evaluate the following:
During the home appraisal, the appraisal company will confirm your property’s existence and conduct a basic inspection to determine if it is habitable.
- The outdoors
Appraisal services include inspecting the landscaping.
- The home exterior and its condition
Property appraisal involves examining all sides of the exterior of the home to evaluate obvious signs of damage and other factors that could decrease the value.
- Square footage
Appraisers in Toronto will measure the livable space on the property to confirm the accuracy of the MPAC residential square footage numbers.
- The location’s visual desirability
An appraiser will consider the immediate surroundings of the home. Certain elements may raise the value of the home appraisal, such as a view of a lake, which may be better than overlooking a shopping centre.
- Number of bedrooms
Appraisal firms may apply different rules to determine the number of bedrooms, which may include that a bedroom should have these features:
- At least seven-feet tall ceilings in at least 50 percent of the room
- An entrance point or a door accessible from the home’s interior
- A method of escape besides the entrance point, such as a door leading outside or a window
- Square footage beyond or equal to 70 square feet and measurements of not less than seven feet in all horizontal directions.
Every room is examined for damage. Incomplete projects may affect the outcome of the home appraisal and resale value. So, be mindful of small damages, such as carpet stains or holes in the wall, and non-functioning fixtures, such as defective lighting and plumbing.
- Condition and size of the basement, garage, and attic
The appraiser will consider a functional garage and basement in the property appraisal.
The HVAC system will be considered.
- Permanent fixtures
The appraisal company will review the permanent fixtures, such as built-in appliances.
- Comparable homes
A home appraisal will also compare the property to similar recently sold properties in your neighbourhood to identify the market value.
Your home’s appraised value won’t be definite. Upgrades and local real estate market conditions can also impact the findings of appraisers in Toronto.