A
home appraisal determines the monetary value of your property. It is commonly
done to know how much the property will sell or how much tax the owner will pay
annually. A home owner can either hire a licensed appraiser or a real estate
agent to do the job. Home appraisal is not pre-requisite to selling; however, it
plays an important role in determining your selling price.
There
are other ways to determine your selling price but having an appraised value
available can speed up your selling process. Buyers will feel confident that
you are not overpricing your home and will more likely give you an offer. Lenders
do not like owning overpriced property, which is why most require an appraisal
before they will grant an approval of the buyer’s loan. Buyers with loan
approval are the ones who can close the deal.
Home
appraisal is different from home inspection. A home inspector educates buyers
about the home’s condition and its main components while an appraiser
formulates an estimate of the home’s value by weighing its location, proximity to
schools and shopping centers, the size of the lot, house structure such as
number of bedrooms and bathrooms, recent sales of comparable features, house
upgrade, and the like. An appraiser evaluates both the house’s interior and
exterior condition. There are multitudes of different variables that determine
a home’s value. These include and not limited to house condition, amenities,
market trends, and improvement. An outside-inspection is not enough to provide
all these information.
A
well-kept house certainly has more value than a neglected one. Appraisers will
notice a sign of neglect in cracked walls, broken windows, leaked roofs,
damaged flooring and chipped paints. Dusty cabinets and trash do not decrease a
home’s value but they do deter buyers away during home showings.
While
home appraisal is not required, it does provide valuable information to both
seller and the buyer.
Need
to sell your home now? Sell your house for cash to Lucas Properties. They buy houses in any condition so you don’t have to fix anything. In as little as
seven days, you are guaranteed to have a closed deal.
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