Why a Home Appraisal is Essential Before Your Home Goes on the Market

 

A home appraisal is an unbiased determination of the value of a property. Appraisals have to be done by professionally-trained third parties, and they can be requested by lenders, buyers, and sellers. It is worth noting that home appraisals are different from inspections as they entirely deal with the financial value of the property.

As a property seller, you should get a home appraisal before putting the property on sale. Let’s look at some reasons why home appraisals are essential.

 

Home Appraisals Will Help You Deflect Low Ball Offers

Inexperienced home sellers may have to deal with lots of lowball offers when they put the property on the market. To determine which offers you should consider, it is essential to hire an appraisal company so that they figure out the fair market value of the property. You don’t need to price the property at the assessed value, especially if the demand for the home is very high. You can take a lower price if you want to sell the house faster.

 

Making Changes to the Property

With a home appraisal, you will be able to determine whether you need to make any changes to the property. Some changes you can make to boost the value of the house include:

• - Adding energy-efficient windows
• - Adding heated floorings
• - Painting the exterior of the home
• - Updating the home finishes
• - Renovate the kitchen and bathroom

While home appraisals are different from home inspections, some buyers will be turned away by very low valuations. This is because they may indicate that the home has some issues.

Before you start any upgrades or renovations, it is essential to get the proper permits. You should also research the estimated increase in price for the changes you plan to make. This way, you can determine whether certain renovations are worth the price.

 

What Sellers Need to Know About Home Appraisals

The cost of a home appraisal will be determined by the size of the property, the location of the home, and its condition. Many appraisers work on a flat fee, but others will charge you an hourly rate. As a general rule, you should avoid working with appraisers who charge you a percentage of the price of the property. This tactic is commonly used by unethical appraisers.

The entire appraisal process will be completed within ten days. To come up with the fair-market price of the property, the appraiser will inspect the home’s interior and exterior, and they will also spend several hours measuring the size of the property. They also have to evaluate the features and fixtures of the property. Another step they need to take is to check the prices of properties that have recently been sold in the neighborhood.

 

Conclusion

As a home seller, it is essential to carry out a home appraisal before putting your property up for sale. This process is meant to help you determine the fair market price of the house.

After carrying out the home appraisal, you can decide to make some changes to increase the price of the property. The entire appraisal should be completed within ten days.