Canadian Mortgage Appraisals — How Appraisers Can Help With Mortgage Decision Making

Every year many Canadians buy, sell or refinance homes. Most, if not all, of these transactions include a simple line item for an appraisal. It is an accepted part of any real estate transaction, by bringing in an appraiser you can get a better idea of what the market value of your property actually may be at that time.

Before you sell a home, there are several decisions to be made. First of course is how much should I sell it for, or better yet what could I do to make the property worth more money? Many times we think that it will appraise better if I put in a new kitchen or if I renovate the bathrooms. Flooring is another one many people consider before selling. While all of these may add value to the home will it be an actual return on your investment? An appraiser can help you work through the numbers.

Appraisers can help with this decision as they are an unbiased provider of information. They can help determine if the new bathroom or kitchen will make that significant increase in the value to be worth your time and money. Appraisers will compare you with all of the other properties listed and or sold in the area and what features they has that made them worth that extra money.

Another time when appraisers are necessary is when a major life event happens. Death of a spouse or divorce can be a particularly traumatic experience. In the event of death and dealing with taxes it is best to have a solid appraisal in place as it will help to plan what will happen with the assets of an estate. Divorce is such an emotion filled event that people will often try to claim properties are worth more than they are and an appraiser can help sort the numbers out so that everyone is treated fairly in the end.

Appraisers can help in a lot of different situations, mainly that they give you as a seller or someone trying to sort out life’s many complications a clear unbiased view of the true market value of your property.

Find a
Mortgage Broker

Mortgage Rates