What is Your Home Worth: Getting Appraisals

Thinking of selling or just planning renovations — your home’s market value matters. 

Get a professional property appraisal when you want to know the financial worth of the home you live in or get a new build appraisal for a mortgage. Accredited appraisers use market research and a visual inspection to give you an independent opinion you can take to the bank. 

Refinance your mortgage to upgrade your home. 

Investments you make in renovating your home can add value or not. A professional appraiser estimates whether updates you have planned will increase the resale value of your home. They may even suggest improvements you have not considered. 

But that’s not the only reason to spend the time (under an hour to inspect plus preparation) and money (average $300 to $700) to hire a Certified Canadian Residential Appraiser™ (CRA) or Accredited Appraiser Canadian Institute™ (AACI).

4 More Reasons to Have Your Home Appraised

  1. Plan estate assets.

Before you sit down with Axess Law Wills and estates lawyers to draft your last Will and testament, find out what your home is worth. You can make better decisions about how to divide your assets fairly if you know the current market value of property you own.

  1. Apply for a reverse or private mortgage.

Reverse mortgages give you money for everyday living expenses by borrowing against the value of your home. Specialized lenders base their mortgage decisions on how much your house, townhome or condo will be worth after you die or if you sell earlier. An independent appraisal will arm you to start the negotiations. 

Private mortgage rules in Ontario when your credit score needs work.   

3. Assess property during separation or divorce.

Separation agreements can call on you to contribute child or spousal support (alimony). Proving your monthly income and expenses enables Ontario family courts to establish how much support you owe. When a divorce follows separation, an independent home appraisal can determine the value of your home for settlement purposes.

Axess Law drafts or can review separation agreements and calculates support payments based on your financial disclosures. Bring your home appraisal to discuss your family law needs.

4. Property tax assessment appeals.

Ontario’s Municipal Act, 2001 gives you the right to file a request to appeal a local property tax assessment. Axess Law’s notary publics witness, sign and notarize or seal statutory declarations or affidavits you may be legally required to submit. A current home appraisal can help make your case.

Buying a new construction home.

What Home Appraisers Look At

Your appraiser will inspect, photograph, and record your home’s interior and exterior features and outbuildings like garages. The estimated value will be compared to market trends in your area and properties like yours. You receive a professional appraisal report after the valuation is complete, usually in under two weeks.

Home appraisers look at the quality and condition of finishings and fixtures like kitchen appliances, paint, and flooring. What lowers a home appraisal are outdated kitchen or bathroom cabinets, faucets, and countertops. Having outdated doors, windows, HVAC (heat, ventilation, and air conditioning) systems, or electrical wiring hurts a home appraisal.

How Much Does it Cost to Appraise Your House?

House appraisals in Ontario average between $350 and $700. The cost varies by your home’s size and location. Multi-unit homes like duplexes or houses with secondary suites are more expensive, as are luxury properties. 

Why You Need a Lawyer

Copy Axess Law on your up to date property appraisal when you refinance mortgages pre-construction for renovations or invite offers to purchase. Your appraisal makes a difference in:

  • how much you qualify for from mortgage lenders
  • if you have to make up the difference between your mortgage eligibility and  construction spend
  • and deciding if a potential buyer is low balling you.

Refinancing Your Mortgage

Axess Law’s real estate refinance lawyers liaise with private mortgage lenders, banks or credit unions when you add to or refinance mortgages.

Mortgage appraisals determine how much you can borrow to:

  • refinance a mortgage when interest rates are higher
  • increase your mortgage amount to fund renovations
  • take a dream vacation
  • or pursue higher education. 

Axess Law prepares the statement of adjustments and advises on any difference you may owe your lender between what you are qualified to borrow and the mortgage amount. 

Find out do I need a lawyer to refinance my mortgage in Ontario? 

Selling Your Home

Signing an agreement of purchase and sale is legally binding on seller and buyer. Our real estate lawyers review offers to purchase to ensure the wording doesn’t disadvantage you as seller. We add in clauses or conditions to prevent your sale from collapsing due to confusing language or legal technicalities you may not know about. 

Our licensed real estate attorneys can negotiate with a buyer’s lawyer if:

  • a home inspection reveals problems the buyer expects you to repair
  • the buyer requests a price reduction
  • you get a better offer you’d rather accept
  • the buyer can’t close on time because financing fell through
  • your home is damaged by wind or floods after an offer is made.  

Write offers that answer the question if a real estate deal falls through who gets the deposit

Affordable Flat Fee Legal Services

Axess Law’s real estate lawyers cost less than you would normally pay for similar services. We offer only the services you absolutely need. Our all-inclusive fees have no hidden charges or extra surprises. 

Selling your home costs $799.99 and up plus HST or $999.99 and up plus HST for real estate buyers. Transfer title to your property for $649 plus HST and up or refinance mortgages starting from $799.99 plus HST.

Our lawyers can meet with you remotely — see Use Our Virtual Lawyer Services — or in person at any of our Axess Law locations

We have condo lawyers (Toronto, Greater Toronto Area or Ottawa) when you need one. 

Use Our Virtual Lawyer Services 

No need to leave home or office — we can arrange virtual real estate closings. Axess Law’s remote video conferencing software is private and confidential. E-sign documents using secure online services for all your real estate transactions. 

Call us today to make an appointment.

Book Online or By Phone

Arranging a meeting is as easy as using our online booking form or picking up the phone. Dial toll free to 877-552-9377 or call our 647-479-0118 lawyer line for Axess Law offices open 7 days a week. We have day or evening appointments, whatever suits your schedule. 

Check out our onsite parking or get here by bus. Transit access is easy.

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