There are plenty of things to get done before putting up your home or condo for sale. You need to hire a real estate agent, pick out a home inspector, mow the lawn, etc. It can be utter madness. One thing that you also need to do that shouldn't be overlooked is to have a property value assessment done on your home. There are many real estate tools out there that are valuable resources when selling your home but a property value assessment might just be the most important one.
If you weren't planning on getting your property assessed before, hopefully, after reading this article, you will. It could go a long way in determining what your final listing price is. It might also make you raise your initial selling price because you find out your home is actually more valuable then you thought it was. It doesn't matter if you are selling a Toronto loft or San Diego home, getting your property assessed is a smart idea. Assessments are done through the Municipal Property Assessment Corporation (MPAC). You can go to your local Ministry of Finance office and set up an appointment or get your real estate agent to set one up.
The vast majority of homes go through the similar procedure during an MPAC assessment. MPAC will analyze property sales around your area to determine what your property's value is. The method that they use to do this is known as the Current Value Assessment. They also look at other key features of your home and other homes in your area in addition to sales figures. There are over 200 factors that go into consideration when MPAC assesses properties. You probably didn't even know that there could be so many factors to consider when selling a home which is why it's a good idea to get your home's property value assessed.
When it comes down to the assessment, a lot of work goes into painstaking detail and doesn't gloss over anything. There are five major things MPAC looks at that make up about 85 percent of their value assessment. Those five factors include things such as living area, lot dimensions, location, quality of construction and age of property. These five factors can go a long way in determining the value of your home and what you might get in return when selling it. A few minor things MPAC looks at include such things as number of fireplaces or how many garages you have. The value can be decreased if there are numerous repair issues, such as a cracked foundation. Be sure to have a completed home inspection done (such as HouseMaster - see website), and have the necessary repairs done.
These factors combined with the sales of other properties in your area eventually determine your property's value. Having a professional property value assessment is a great tool to have. You can get a better idea of what your home is worth which will then help you and your real estate agent determine the right selling price. MPAC assessments can go a long way in helping you get the most for your home.