If you are planning to sell your home, it is usually necessary to get a real estate appraisal. An appraisal will help you come up with an asking price that reflects the true value of your home. It will also establish what, if any, repairs and renovations should be made to increase the worth of your home.
You can also seek an appraisal when you are applying for a second mortgage, refinancing your first mortgage, planning an estate, or going through a divorce settlement. An appraiser can tour your property and comparable sale properties in your neighborhood to create a real estate appraisal report. Results can take anywhere from several hours to several months to generate.
What Goes into a Real Estate Appraisal?
An appraiser looks for the overall condition of your property. This includes the layout, special features, modern updates, and the quality of the construction. He will also take into account the square footage, permanent fixtures such as in-ground pools, and the amount of real property you have. A real estate appraisal will also involve information that the appraiser gleans from multiple listing services, real estate professionals, courthouse records, and local tax assessors. Interviews with homeowners and data regarding the surrounding area are also taken into consideration.
For the majority of Americans, their homes are their largest investments. An appraisal can protect that investment and help you get the most out of it. It is possible to get online appraisals on your own, but a professional, detailed real estate appraisal will often generate more accurate results.