What is a Home Appraisal?

Part of the home buying process involves getting a home appraisal. An appraisal sets a fair market value for a home or property so that a bank can lend the proper amount for the mortgage loan. An appraisal is carried out by a qualified appraiser that takes into consideration a home’s age and condition and it’s unique features, and then compares it to the value of local homes that are similar. 

The home appraisal process can last a few hours. Appraiser evaluates home's size, condition inside and out by examining and measuring dimensions during this period. They seek a well-kept home; any signs of neglect or damage will be noted by them in writing. They will most likely take pictures and notes as a part of the process. Remember that the yard, and the curb appeal can affect the appraisal of a home as well.

Much of a home’s appraisal value is derived from the value of similar properties in the area that have sold.
Bedrooms, bathrooms, floorplan, amenities, and square footage significantly influence an appraisal's assessment of a property's value and worth. An appraisal will also be interested to know about any improvements that have been made recently to the home that would help determine value, so documenting those as they are made can be helpful in the future. Contact Tony for all your Real Estate needs.

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