Free Home Evaluation

Importance of
Home Evaluation In Ontario

If you own a home in Ontario, you may have wondered exactly how much you can sell it for, especially with the increasing real estate prices.

You could spend hours looking at what similar properties are selling for online, but there’s a better way to get a more accurate idea of what your home would sell for—and that’s with a property value assessment.

If you’re not familiar with the concept of an Ontario home evaluation, we’re here to help. When a home evaluation is done by a professional, they consider several factors to help determine the value of your home.

These are some of the most important factors to consider when deciding on a home’s value:

• The age of your home.
• The amount of square footage your home has.
• Where your home is located.
• The number of bedrooms and bathrooms it has.
• How well it was constructed.
• The condition it is currently in.

A property value assessment is not a permanent number, as it also reflects current market conditions and what other similar properties in your neighbourhood are selling for.

A proper Ontario home evaluation serves many purposes:

• It helps both buyers and sellers know how much a home should sell for.
• Often when a family is considering a move, the first step is to have their home evaluated. Knowing what their home is worth and what they can expect to receive for it assists in budgeting for the purchase of their next home.
• When couples are splitting up, their lawyers may advise them to get an evaluation to assess the market value of their home.
• Before a property is sold by the “estate,” the estate’s lawyer will recommend a home evaluation to probate the taxes.
• If homeowners are interested in refinancing their mortgage (renegotiating their existing mortgage), then a home evaluation can be used by banks to determine the new rate.