Property Appraisals for a Variety of Purposes
A property appraisal, also called a real estate appraisal, is a way to learn the real market value of your property, which can be used in a variety of ways. When you need a certified appraisal on residential or commercial real estate, you need a team of appraisers that is experienced and reliable. Appraisal Hub Inc. in the Greater Toronto Area, is made up of a team of appraisers with combined decades of experience, serving greater Toronto and the surrounding areas with expert property appraisals and consultations.
Buying and Selling Property
When sellers of commercial or residential properties set a sale price, it’s not something that’s done without context. When you set a price that isn’t based on a fair market value, you risk either massively underpricing the property and losing money on the sale, or pricing it too high and chasing away potential buyers.
An appraiser can give you a market price (or a range of values depending on the property type) to use when you set a starting price on a property, or to calculate the optimal rent for your income producing property.
Refinancing or Applying for a Home Equity Loan
In cases where you intend to refinance your mortgage or apply for a loan on the equity you own in your property, the market value of the property is likely to have changed since the initial mortgage appraisal. To set the loan amount or the refinancing terms, lenders often will require a new appraisal and corresponding report.
Cash or Small Business Loans
You can also get a loan using your property as collateral in cash or to start a business. In this case, the bank needs an accurate report of your property value before they can set a loan amount to accept.