A Few Surprising Factors That Can Affect Property Appraisals

Selling your home soon? Its location, land size, and the current status of the real estate market in Toronto obviously have a huge impact on the value of your property. But did you know that there are many other elements that can help you get a higher appraisal? A Toronto property appraiser can tell you more about these surprising factors that can affect your home’s overall evaluation:

• Smells – The Clean Air Coalition of British Columbia surveyed 200 Realtors in BC in 2015 and found that 76 percent of respondents believe that smoking decreases a home’s value. A whopping 70 percent of them also said that prospective buyers are less likely or unwilling to buy a home if the owner smoked, and 77 percent claimed that it’s more challenging to sell a smoker’s home.
  Aside from cigarette odors, other smells like pets, dampness and strong cooking spices could reduce the demand of property.

• Landscaping – You already know that your home’s curb appeal can make or break a buyer’s first impression. But did you know that landscaping can affect the appraisal, too? An appraiser will examine your property’s landscaping and compare it to others in the same area. Inappropriate, sparse, or outdated landscaping can take away from the value of your house.
• Proximity to schools – A property that is close to a busy and reputable school zone is likely to be valued higher.
• Neighbors – Unsightly neighboring homes, noisy inhabitants and poorly maintained yards can affect the results of the property appraisal. In some cases, appraisal firms may adjust their findings if the home is close to commuter railways, power lines, certain highways, and similar neighboring infrastructures.
• Disaster and death – According to an expert, there is typically a 5 to 25 percent decrease in the value of psychologically stigmatized properties for a few years following the event. Homes may be stigmatized when events like killings and/or suicides happen in or near it.

These are just some of the surprising factors that could have an impact on your property appraisal in Toronto. Be sure to consult with a reputable and experienced appraisal company if you are concerned with these matters