Home valuation is a calculation of the current market value of a property as determined by an appraisal. It is used to determine the selling price of your home without the interference of other players in this complicated system, such as banks or mortgage lenders.
There is no upper limit for your renovation. Since it is determined by the market value of the property, the maximum amount you can spend on your home renovation is as much as your value (of your house) before its renovation.
Many things can happen before you get to sell your house. You can lose money on your renovation, banks can change their policies on financing buying/selling of property, the market value of the property might decrease, etc.
Some common mistakes are not having the legal documentation on the property to avoid land title issues, paying the money to the wrong person, not having updated information about your house (like real estate agent number or email address), etc.
1. Make sure your home is in move-in-ready condition.
2. Make sure the description of your property is accurate and well written.
3. Describe what you like most about your home (to make it stand out).
4. Make sure to give relevant information about the property (like the current market value, the current selling price of similar properties, etc.)
1. Do current research on what other people think about the agent.
2. Ask the agent if they have ever sold properties that are similar to yours (to make sure they know how to sell similar properties).
3. Make sure that you know what you want and ask for it specifically (to avoid unnecessary issues and delays).
1. Ensure that your property is insured correctly (and that your agent does not allow for mistakes).
2. Ensure that the sales documents are accurate and up-to-date.
3. Ensure that you have all financial documents regarding your house in order (mortgage, repair/renovation, utility bills, insurance policies, etc.).
4. Ensure you know where to go to get any assistance needed for the property (like with the city government or police).
A home inspection is a process of having a third party inspect your house for any problems that might develop shortly. It is used as a precautionary measure to avoid potential issues with your house, especially those that cannot be seen by the naked eye.
Conduct an initial inspection:
The seller or realtor does an initial inspection. It is a free inspection that includes a walk-through of the house or property and the neighbourhood.
A professional home inspector: A professional home inspector is qualified to do a thorough inspection of your house. The purpose of the inspection by the professional is to ensure that your house is ready for this next