What is a Free Home Evaluation
A home evaluation - is a tool homeowners seek for different reasons. For instance, the use depends on the age of the owners, length of time spent in the house, family size, economic circumstances, renovations, or rental units.
As in most things you should get a home evaluation done by a professional. Ask a local realtor to provide you with a current free home evaluation.
Think of it this way, when you need electrical work done, you go to a professional electrician. Get a local realtor to develop an accurate home evaluation of your home.
Reasons for a Home Evaluation
Homeowners never think of their home as anything but a place to live until it comes time to make a move. They look to the news to get an idea of the real estate market. The difficulty with news is there can be conflicting reports. Therefore, the seller comes away not clearly knowing what the market is actually doing. How can home owners learn what is really going on?
Get a realtor to provide an accurate home evaluation. It will answer the question; what is my home is worth in today's market?
Why do we need a Home Evaluation?
Sellers need to know how much they have to spend on their next home. They can obtain this information from the evaluation. In other words, stop wondering what their home value might be and see concrete facts. After that, they have the ability to make informed decisions.
Sellers must know what improvements, if any, need doing. Sometimes, small tweaks can bring a huge return. For example, a house painted in different dark colours can be freshley repainted in a light modern decor. Resulting in a fresh updated brighter house.
Realtors can help decide what really needs to be done in order to sell the house by giving their informed opinion. After all, they know what buyers are looking for in local homes.
Life Changes
Life changes, separations and divorces occur. Both parties need to know what the up-to-date accurate value of their largest asset. After that, agreements can be written up based on informed knowledge.
Investment Properties Defintely Need Evaluation
Investors seek up-to-date evaluations so they can take equity out of their currently owned properties. An Investment evaluation can be more involved than a normal residential evaluation, especially if apartments and rental income are to be considered.
Refinancing an accurate home evaluation is a must. We will talk about this type of evaluation in another blog.
Finding out what you can Afford
Real estate today is very expensive. It takes a huge income for a single person to have the ability to carry a mortgage for the average home. Resulting in several new avenues buyers utilize to obtain the needed down payment in obtaining a mortgage.
Parents Downpayment Help
Parents can help their kids with the down payment. This has never before happened to the degree we are seeing in today's market.
Parents are taking equity out of their homes to help fund their children’s purchases. Reportedly, the average amount parents give to kids in the GTA is around $130,000. Wow! Now, you can see why homeowners need to know the current value of their homes.
Home Evaluation for Estate Planning
The home’s value can also, become a part of an overall financial plan. The matrimonial home is most likely the largest asset in the estate. As a result, an up-to-date home evaluation a must when estate planning.
For example, is there enough equity in the home to help the kids and leave enough equity to fund an adequate retirement.
Just a Nosey Neighbour
We all know nosey neighbours. These people just need to keep up with the selling activity in their neighbourhood. In other words, they want to know all the latest sale prices in the area. That is why they get a home evaluation.
Different Types of Home Evaluations
A Comparison Home Evaluation
Evaluations involve comparing similar homes. Similar features such as lot size, house square footage, number of bedrooms and bathrooms, finished basement are compared. Similarily, renovations, and upgrades etc. are compared in the recent sold prices.
Other Home Assests
Buyers pay more for aesthetic values. Some homes just shine! They are extremely clean and well designed. They may be bright and airy in feel. Or, they may be located on a lovely lot. Any of these factors can push buyers to spend more money.
Beautifully maintained homes or ones located within walking distance to a particular school receive better value. These special qualities can impress buyers so much, they are willing to pay top dollar for that home. In conclusion, these qualities can’t be judged through brick-and-mortar comparisons. But they can add huge value to a property! Aesthic values can deginitely a bonus to any home.
Intrinsic Value
Homes that back to conservation areas, green space or have waterfront access, usually have a higher evaluation. Similarly, all the different features are factored in either up or down in the final pricing. This is verified through recent local sale information.
Accurate Home Evaluation
An accurate home evaluation takes time to do. This is where a local realtor will help. They know the local homes. As well as, what adds value to the homes in that particular area.
Puting all factors together in the evaluation will give a very clear idea of what price the home will bring.
In conclusion, a home evaluation is a useful tool for many different reasons. Call us when you want an accurate evluation done on your home.
