If you want to know the value of your property, you can get a real estate appraisal. However, most people don’t understand the whole process. Learn about how an appraisal works and how it can help you find out the value of your property.
What Happens During an Appraisal?
When you get a home appraisal, an appraiser shows up to your property. They do a thorough inspection of your home. As they inspect, they look for a few key details that impact the value of your home.
For example, they measure the square footage of your home. They also note the major features and need for repairs. In general, they look for factors that contribute to the market value of your home.
Appraisers consider all of the details. Once they make note of every key factor, they research similar homes and their selling prices. They base their valuation decision on those prices.
Are There Multiple Types of Appraisals?
There is more than one type of real estate appraisal. For instance, a drive-by appraisal is a very simple process. The appraiser does not see the interior of the home. Rather, they base their appraisal on the interior. Although these appraisals are convenient for the homeowner, they are not accurate. They leave a great deal of room for error.
If you want an accurate real estate appraisal, you should consider getting a complete appraisal. In a complete appraisal, the appraiser looks at both the inside and outside of your home. Due to its thorough nature, this type of appraisal gets you an accurate idea of how much your home is worth.
What’s in a Real Estate Appraisal?
The real estate appraisal does more than give you the value of your property. It also includes a comparison of properties that are similar to your home.
In the appraisal, you can also find out more about your home. You can learn about problems with the property or areas that could use some sprucing up. Typically, an appraiser will write about any issues that could negatively impact the value of your home. These issues could include details like a leaky roof or cracked foundation.
After reading the appraisal, you will have a better understanding of home values in your neighborhood. You can learn whether values are stable, increasing, or decreasing.
Do You Need an Appraisal?
People seek appraisals for many different reasons. However, all of those reasons revolve around the property value. When people get a real estate appraisal, they usually do it to determine how much a property is worth.
One common use of appraisals is in the sale of a home. If you are buying a home, you could benefit from an appraisal. In fact, you need an appraisal to buy a home with a mortgage. Lenders want to protect their investment, so they want a professional’s opinion on the value of the property.
Even sellers can benefit from having an appraisal. Before you list your home on the market, you should have a rough idea of its worth. Asking too much or too little for your home is a recipe for disaster.
Is the Appraisal the Final Value?
Sometimes, an appraisal seems inaccurate. In some cases, you might be right. Professionals are capable of making errors. If you believe that your appraiser made a mistake, you could always speak to the appraiser.
If you have any questions about appraisals, you could contact a real estate lawyer Pittsburgh – Stoner Law Offices. An attorney can help you answer all of your questions.