Having your home appraised is when an expert evaluates your house to determine a reasonable and fair estimate of its current value. If you're looking to buy a home and you have already found the perfect house, your lender will require you to do this. This is so they will know if the property can sell the amount of money that they are about to lend you.
How does an appraiser assess your property?
To find out the market value of a certain home, the appraiser will check the following:
- Size of the property
- Type of the house (e.g. condominium, single-family homes, duplex)
- The condition of the house and property
- The present real estate trends in the area
- The area around the property
- Flaws like a cracked wall, leaky roof, etc.
- Comparable Home sales for the past 90-120 days
What can be done to increase home value?
The overall condition of a property greatly affects its value. Make sure that you carefully check and inspect your home before listing it. It's important that it is in good shape, clean and uncluttered, and everything is working properly. These things can help sell your home for top dollar.
If you want more information about the whole home buying process or if you need help in understanding more about home appraisals, my doors are always open for you. Let’s connect today and I’d be more than willing to assist you with your real estate needs.
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