Real
estate appraisals give property owners an accurate valuation for the
fair market value of their properties. This is useful for a variety of
reasons other than buying or selling a home or obtaining a mortgage. A
qualified appraiser can help you in any of these situations.
Mortgage Refinancing and Reduced Property Taxes
The value of your property directly impacts your ability to
refinance your mortgage. When refinancing, you need equity in your
property. Real estate appraisers in Ottawa provide an accurate appraisal
of your home or commercial property. If you owe more than the home is
worth, refinancing is not an option. However, a high appraisal may help
you obtain favourable refinancing rates.
You may also want a real estate appraisal in Ottawa if you believe
that your property value has significantly dropped. Property taxes are
determined based on the value of your home. An appraisal that results in
a lower value may result in reduced property taxes.
Valuations for Marital Settlements
If a divorcing couple owns a property, they may require an appraisal
to determine the value of the home. Typically, an appraisal is needed
during divorce proceedings if the couple cannot agree on how to divide
the property. When the mediator or attorneys begin dividing assets, the
value of the home and other properties is included.
Leasing or Selling Commercial Real Estate
Before selling or leasing a commercial property, owners should
complete a commercial appraisal in Ottawa Ontario. The property value is
likely to fluctuate and getting an appraisal ensures that you are
pricing your property correctly. Appraisers can help commercial property
owners determine how much to charge for rent and provide predictions
for rent escalation.
Estate Valuations for Wills and Inheritances
Estate planning requires a careful evaluation of assets, including
real estate properties. When writing a will or determining inheritances,
people may want to get an accurate real estate appraisal. Appraisals
are also recommended for the inheritor of the property as the value may
have changed since the date of death.
Real estate appraisals are useful for more than just obtaining a
mortgage or selling your home. You should also know the value of your
property when writing a will, leasing a commercial property,
refinancing, or handling divorce settlements. Appraisals are also useful
for insurance purposes, tax disputes, and corporate asset management.
If you want to know the value of your residential or commercial
property, work with a local appraiser who knows the area.
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