The home appraisal process, home appraisal checklist, home appraisal tips, home appraisal for refinancing all is covered in the article step by step. Get all the information about getting a home appraised here. How much is your house worth? can be easily calculated after getting this information.
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You know, if you want to buy a home then obtaining a home appraisal is a critical step. So, we have a setup of appraisal questions that can help you to get a home appraisal very easily. We have also defined the home appraisal process for loan, refinance and other purposes.
So, the first question that comes into my mind is what is an appraisal and how it is used?
What is a home appraisal? How the home appraisal can be used?
A home appraisal is an unbiased estimate or the true value of a home’s worth. you know all lenders order an appraisal during the Mortgage Loan process, the main objective behind that is to make an estimation of the home’s market value and ensure that the amount of money requested by the borrower is appropriate.
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A home appraisal can include –
- the current condition of the home or the property
- the location of the home and the property
- recent sales information for similar properties
As you know the location of the home or the property is also an important factor. So, your neighbourhood can impact the properties value as well. The current condition of the home or the house can also affect the appraisal report of a home. It’s like if you have a new house then you will get a good value rather than a house which is old and also not in a good location.
Now the question that is coming into my mind is who appraises the home and how do I know that they have done a good job.
Who appraises the home and how do I know that they have done a good job?
If you are highly trained, licenced and certified professional then you can estimate and determine the value of a home without biasing in the property location, state and the objective.
You know an appraiser appraises your home estimates by rigorous training, numerous tests and several years of job experience. So there are very few chances that the appraisal will fail in his duty. Appraisers and their employers (often appraisal management companies) are heavily regulated.
Consequences of issuing deliberately misleading or biased reports can be severe, so appraisers work hard to remain impartial and keep personal value judgments and prejudices out of their work.
What an appraiser looks for?
Do you know what an appraiser looks for? Well, remember that an appraiser always looks for these things.
- the age of the home
- the number of bedrooms and bathrooms
- plot size
- location and view of the property
- the house in terms of square foot
They also see that what is permanently part of or attached to the house. They didn’t evaluate things like furniture or anything that is not affixed to the property. You should keep these things into your mind.
Now a very important question that is coming into my mind is how can I boost my home’s appraisal value? So, let’s have a look at that.
How one can boost their homes appraisal value?
If you are selling your home or you are trying to sell your home then there are a lot of inexpensive things you can do to improve your homes appraisal value. We have given them here –
- Make sure that in your house you don’t have plaster cracks, water-stained walls, soiled carpeting or persistent odours. You should try patching the walls and do other touch-ups like painting and all to put your best face forward before your home’s appraisal estimation.
- Try to fix leaky faucets, broken windows and cracked ceilings because an appraiser often values houses in $500 increments. so is there is a repair needed over $500 then you should make that.
- You should display your neighbourhood proudly. if there are any positive changes in your neighbourhood like new schools, new roads municipality new sewage system, park for children and adults then let the appraiser know these minute details.
- Check your curb appeal. Overgrown landscaping and broken garage doors will work against you and your appraisal—especially if property values have declined in the neighbourhood. Take the time to make the outside of your home look welcoming, like someplace you’d want to buy or visit.
- Itemize your improvements. Jot down the repairs and updates you’ve made over the years, when you did them and how much they cost. Remember the items that an appraiser might not notice, like a new roof or insulation—and even minor items like a new kitchen sink count too. Please note that improvements do not represent a dollar for dollar increase in value, but every little bit helps!
- Don’t show your home’s age. The newer your home appears to be—regardless of its actual age—the better appraisal value of your home will be. So, bring a new carpet, tiles, windows and other permanent fixtures. it will help you to boost your home’s appraisal value.
What can I do if I’m not happy with the Appraisal?
Once you’ve read the appraisal report and reviewed the appraiser’s supporting documents, you can challenge it if you think it is inaccurate. The basis of challenge should be strong and must contain all the relevant information basis on which you are challenging the appraisal of your home.
You know most of the lenders review appraisals through a strict system of checks and balances that compares the appraisal report to other appraisals on all known groud and sales in your neighbourhood. This internal review system can catch discrepancies which should be investigated, but any information you can provide to your lender will help.
Who pays for the home appraisal?
If you are selling your home then you have to pay for your home appraisal process. Not only you have to pay your appraisal cost but you have also need to arrange for it to be done as well.
The report of Appraisal is directly sent to the lender. But you can request that a copy of the payment as well because it is something that doesn’t happen automatically but if you ask, it can happen.
What is the cost and time involved in the home appraisal process?
The average cost of a professional homes appraisal is about $300 to $500 as of 2019. But it is something that depends on the type of property and the location of the property.
More expensive homes or homes that have more than one unit will typically cost you more money than a normal home.
If you ask me about the time for a home appraisal process then it is around 3 to 10 business days normally.
Home appraisal versus home inspection: What’s’ the primary difference?
Although in general home inspection looks similar to a home appraisal, it’s not. Because the goals of these two processes are different.
As the appraisal determines the value of the house or it estimates the value of the property.
While a home Inspector determines any repair needed and their potential cost for a home. so it will be better to take a home Inspector before The Homes appraisal process because if you do so it will help you to boost your home appraisal value.
The table below is showing the typical duties of a home Inspector and home appraiser.
|Typical Duties||Home Inspector||Appraiser|
|Checks the condition of all major systems and structures in and around the home, such as HVAC and roofing.||Yes||Yes|
|May provide repair cost estimates for any damage or latent issues that may influence the home purchase price negotiations.||Yes|
|Checks the prices of recent comparable home sales in the area.||Yes|
|Gives the buyer and lender a report detailing their findings and the repair recommendations.||Yes|
|Gives the buyer, seller, and lender a report detailing how they calculated the value of the home.||Yes|
Home Appraisal Process- Conclusion
I hope now you have a clear vision of how a home appraisal process works and how can you boost the estimated value of your property. We already have mentioned the home appraisal tips that will help you to boost the market value of your home.
So, if you are selling your home then good luck! may you get a better price.
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If you have any query or suggestion about home appraisal process then feel free to comment below.