The purpose of obtaining an appraisal is to have a professional determining the current value of a property. The definition of a market value is the highest price in terms of money which a property will bring in a competitive and open market under all condition requisite to a fair sale, a buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus.
Forced Appreciation in Canadian Real Estate
Even though houses increase in value over time, there are Ways To Increase Value Of Property to force and speed up the process. This can be done by a method called forced appreciation. Forced appreciation is the process by which you buy a house and do small but productive work to the house and/or property to increase either selling price or the monthly renting fees.