Her hard work and attention to detail on upgrades that made her home very comfortable to live in were also the types of upgrades appraisers look for, and the value of her property increased to where she was hoping it would be for her refinance. Check out their consumer guide here.įor our client with her 1912 home, she was very pleased to get the results of the appraisal. ![]() If her property was the same relative size and had been maintained to the same level as that of a home 50 years newer, this meant her home was well maintained and upgraded, which speaks positively to the value of her home.Īccording to the Appraisal Institute of Canada, upgraded kitchens and bathrooms, flooring, windows, doors, and even paint are all good options to consider as renovations and improvements that increase the market value of a home. In our client’s scenario, the appraiser found a house of approximately the same size and condition as hers, two blocks over, but it was about 50 years newer. ![]() These might not be exactly the same size, condition, or age, but they do give an appraiser a good idea of what is selling close by. They aren’t able to verbally provide an estimated value at the end of this visit, because they need to make calculations based on their findings, and need to incorporate the other part of their appraisal before they can give a value comparables.Īn appraiser will usually look for 3 or 4 (and potentially up to 10) comparable properties that have been recently sold in the area. The client was fortunate that she knew when all of the upgrades took place – in some cases, a guess or a search of permits may be required.Īppraisers use a checklist and go through each room one by one, making notes, including any deficiencies or repairs required. They look at the number and size of bedrooms with closets, appliances, and mechanical (such as furnace, hot water tanks, and air conditioning), and in the case of our client’s 1912 character home, they wanted to know more about when the plumbing and electrical was upgraded and brought up to modern standard. For example, custom maple cabinetry will have more value than MDF cabinetry. With permission, they take interior photos. So, what is an appraiser looking for? Two key things go into their assessment.įirst, they tour the inside of the home and make notes on the things they see.
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