Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property.

An appraiser’s job is to check the general condition of your home and determine a comparable market value based on other homes in your area. Appraisals are required for any buy or sell situation.

To help make the appraisal as smooth as possible and ensure you are getting top market value, check out the tips below:

1. Clean Up: The appraiser is basing the value of your property on how good it looks. A good rule of thumb is to treat the appraisal like an open house! Stage it as you would a home for sale, clean and declutter every room, vacuum and tidy to show the appraiser that the property is well cared for. Where applicable, remove any personal items that might make the appraiser lower the value of your home.
2. Curb Appeal: First impressions can have a significant impact on an appraisal. Spending time ensuring the outside of your property, from your driveway entrance to the front step, is clean and welcoming can make a difference. Yard work and removing debris and garbage will make a big difference.
3. Visibility: The appraiser must be able to see every room of the home, with no exceptions. YES, every room, including outbuildings, garage, closets, basement… Refusal to allow an appraiser to see any room can cause issues and potentially cause a decline of your file. If there are any issues with any spaces in your home, be sure to take care of them in advance to allow the appraiser full access. NOTE: If tenants are in your home, ensure you give them the appropriate amount of notice for access. If the appraiser can not get access to every room, they will have to return and can be an added expense to you for the return trip.
4. Upgrades and Features: Ensuring the appraiser knows any upgrades and features can go a long way. Make a list and include everything from plumbing and electrical to new floors, new appliances, etc. This way, they have a reference for what has been updated and how recent or professional that work was done. Knowing the age of the roof and HVAC items like the water tank is essential. Also, ensure the breaker box is MIN 100amps as most lenders cannot finance a home with amps under 100; older homes from the 1930 area are generally only 60amps.
5. Be Prudent About Upgrades: While the bathroom and kitchen are popular areas, there are better options than the be-all-end-all for getting a higher home value. These renovations can be pretty costly, so it is a good idea to be prudent about how you spend your money and instead focus on easy changes such as new paint, new light fixtures or plumbing and updated flooring to avoid breaking the bank while still having your home look fresh. Removing clutter, adding a new coat of paint and doing a deep cleaning will help make these spaces shine.
6. Know Your Neighbourhood: You already know where you live better than the appraiser. Looking at similar homes in your neighbourhood and noting what they sold for will give you a ballpark. Keep in mind that an appraiser has to use comparable solds in your area and not current active listings. Generally they will collect 3-6 comparables over the last 90 days.
7. Be Polite: The appraiser is there to get in and get out, so let them have the run of the house while they are there. Please do not follow them around, avoid asking them too many questions or making too many comments, and simply be prepared should they have questions. Once they have completed the review of your home, that is an excellent time to bring up any comments you might have. Remember, the onsite inspection usually is only 15 minutes through the house. The rest of the time is spent gathering data and reviewing sales and other forms of research to create the appraisal report.
8. The Report: Even though the customer pays for the appraisal, the report belongs to the lender that it is prepared for. The reports are not given to the customer directly. Don’t be offended if your mortgage broker or the lender does not share the report with the homeowner, this is policy for all appraisal firms and lenders.
9. Know The Costs: Every appraiser charges differently. There are a number of factors involved with the range in cost of an appraisal.  Whether it is an acreage property, large square footage or unique overall, those are a few examples of upcharges. Travel time can also be an extra charge for an appraiser if they have to travel to get to your location. You will pay for your appraisal usually through an online portal with your credit card information.

Remember to contact us at Primex Mortgages if you have questions about your existing home or mortgage or want to sell and relocate! CLICK HERE to book a quick call to review your mortgage!

Trish & The Primex Team

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604-552-6190

support@primexmortgages.com