Selling? You May Want to Consider an Appraisal

These days, sellers are in the catbird seat in many housing markets across Canada. So why consider going to the added expense of hiring a licensed appraiser to evaluate your home?

It’s a good question, but as many sellers have discovered, there are some compelling reasons for having an appraisal report on hand before you list.

Pricing

Your real estate agent has more than sufficient expertise in pricing your home according to comparable properties in your area, but appraisers have the qualifications to look beyond the cosmetics of your home. Is your foundation cracked? What’s causing the mould in the basement? How long will your roof last? If you’re about to list, you need answers to these questions to decide if you’ll make repairs or sell your home “as is.”

Unless, your agent is also an appraiser (and some are), he or she may not have the expertise to answer these questions but likely can recommend an appraiser who does.

Other reasons

Even if you aren’t selling, as a homeowner facing life changes such as retirement or divorce, you may need an appraisal for your own purposes. Trying to decide whether it’s better to sell or rent? Concerned your taxes are too high? These and countless other reasons constitute good grounds for hiring an appraiser.

Licensed appraisers will raise all the issues that could affect your home’s value and can suggest engineering and other reports to help clarify issues they’ve found. It’s particularly useful to have an appraiser’s report in your back pocket, when faced with a buyer who may be considering a lowball offer based on a perception of your home’s condition.

An appraisal could cost you from $350 up, depending on a number of factors, such as the condition of the property and how detailed you want the report to be. However, to many homeowners it’s well worth it.