Selling your home comes with it an entire list of responsibilities, and one of those responsibilities is to obtain a home appraisal. It may seem like an unnecessary aspect of the home-selling process; however, it is truly vital to knowing exactly how much the house is worth.
Why is a Home Appraisal Necessary?
There are a number of reasons that a home appraisal is a necessary aspect of the selling process. Let’s look at what they are:
- You need to know the value of your property. One reason that you should get your house appraised is that you want to know how much your property is worth. By determining what it is worth, you can more easily choose a selling price that is comparable to the area and any adjustments you’ve made to your house.
- Banks/Lending companies require it. Another reason that it is necessary to ensure that you receive a home appraisal when selling your home is that banking and other financial institutions want to know an accurate amount to decide how much to lend to the buyer.
Who Should You Look for in an Appraiser?
When looking for an appraiser, the first thing you should note is that you’re not looking for an inspector – who is looking for what should be corrected, replaced, or repaired. The person conducting your home appraisal is more interested in developing the value of your property than correcting things required by law before selling your home. So when looking for an appraiser, you want someone who is going to determine the highest and best use of your property for the highest profit.
A good appraiser will look at your property on the interior and exterior to determine both assets and detriments of the property. More specifically, they will look at the quality of construction, layout, location, gross living space, lot size, number of bedrooms, landscaping, fencing, renovations, and the overall condition of the home and land. By exploring everything about your property, they can make the best estimate of its value so that selling your home will give you the highest profit.
Now you know that you do need a home appraisal completed before selling your home. So your job as the seller is to find a great appraiser who can help you make a great profit with your sell. In the future, to avoid having your home reappraised if you want to make changes to your mortgage loan, find out about no-appraisal refinancing.