Reliable Home Appraisal Services in Parry Sound
Parry Sound Muskoka Appraisals has been providing independent and professional home appraisal and consulting services in Muskoka since 1985.
What is a Home Appraisal?
A home appraisal is an objective estimate of the value of your property. A professional appraiser with no connection to the buyer, seller or lender estimates the value of an investment property in the housing market using official criteria and creates a report based on:
· Visual inspection
· Using recent sales data of similar properties,
· Current market trends
· Aspects of the home (e.g., amenities, floor plan, square footage) to determine the appraisal value of the property.
Appraisals are crucial when you are buying or selling a home because banks won’t lend money if the appraised value of the house is less than the loan amount.
The Benefits of Home Appraisals
Mortgage Approval: If you are planning to buy a house and want to take a loan for the same, your application might get rejected by mortgage companies. Most mortgage companies will reject applications when a home appraisal isn’t performed. This is because the lender doesn’t want to loan more money than the property is worth.
Private Mortgage Insurance: By scheduling a home appraisal, you’ll have better understanding of when the loan-to-value conditions will be met, so you can work toward the removal of the PMI faster
Leverage during Negotiations: Home appraisal will help you identify the current value of a property in a given location. This information gives you an opportunity to negotiate when finalizing the transaction. For instance, a seller might be giving a quotation that is overpriced for that area. With proper appraisal, you can ask the seller to lower the selling price based upon the appraised value.
Get in touch with us today if you’re looking for home appraisal services in Muskoka before buying a home.
Some benefits that buyers get from home appraisal in Muskoka are: