home,appraisal

Why Home Buyers Should Get a Home Appraisal

Home appraisals can benefit both home buyers and home sellers. Especially in healthy real estate markets like Toronto, Markham, York Region and the GTA, where there is steady growth in home prices, an appraisal can give everyone the same idea of the value of a home.

Home appraisers are certified and licensed professionals who take into consideration a number of factors, including the condition of the home, its exact location, and comparable home prices in the same neighbourhood.

4 Benefits of Home Appraisals for Buyers

If you are considering the purchase of a home anywhere in the GTHA (Greater Toronto and Hamilton Area), you know that prices can change quickly. That fact is one of the reasons behind the first benefit of getting an appraisal of any home you are considering.

1. Get an Idea of the Realistic Value of a Home

With house prices changing all the time, an appraisal can give you a solid starting point. Without that understanding, you have nothing solid on which to make buying decisions.

2. Helps You Avoid Paying Too Much for a Home

With an appraised value, you can decide how much you would like to, or are capable of bidding for a home. Many homes sell for ‘over asking’. The appraisal lets you set a limit of how far you want to go with your offers. Without that limit, you may pay more for a house than it is worth.

3. Learn More About Potential Issues with a Property

A home appraisal is not a home inspection. But an appraisal takes into consideration some of the same issues an inspection might uncover. This can be very helpful in determining if, and how much, you would like to offer.

4. Gives You a Better Understanding of the Home You Might Want

Appraisals can give you a bit of an education in buying a home. They show you the effect on the value of a home that certain factors have, such as a corner lot, or the end unit in a townhouse complex. Armed with that understanding, you can make decisions you may not otherwise be able to make. For example, you may decide to make an offer on a corner lot property because it makes a home in a more desirable neighbourhood more affordable.

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