Many people hire a real estate appraisal service when they are looking to put their home on the market, or if they want to refinance an existing mortgage and want to see what type of equity is in the home. A real estate appraiser will carefully look over the entire property, read descriptions of the property, and match these up with what is visible now. A real estate appraisal might be done to assess taxes, or before an insurance policy will be approved to insure the home. A real estate appraiser will establish the current value of the home by inspecting the home's interior and exterior, identifying any issues that are uncovered in the process.
Going Over the Home's Interior
A real estate appraiser completes a meticulous inspection of the interior of the home they are appraising. The condition of each room is determined. If there is any damage, if an outlet doesn't work, the real estate appraiser is going to find it. The thorough inspection of the interior of the home includes the basement, closets, and anything that can be seen visually by the inspector.
The Exterior Inspection of the Property
The appraiser will look over the roof, the siding or exterior walls, foundation, windows, and doors to see what kind of shape the exterior of the home is in. Cleanliness is a factor, and the appraiser will make note of any concerns they have. If there is a swimming pool or outdoor structure, these are inspected as well to determine the fair value of the property.
Finding Comparable Properties
As part of the appraisal process, the appraiser may look for other properties in your area that are similar to yours and see the value they are assessed at. Finding comparable properties allows your appraiser to provide a value that can be similar to other homes in your area.
Hiring an Appraiser
Most of the time, the lender in a real estate transaction will have a list of appraisers they want to work with in order to know if the home they are lending money for is in the condition stated. In general, the person taking out the mortgage pays the appraisal fee, which can be added to your overall mortgage loan.
An appraisal makes sure that you are getting exactly what you pay for. It's a good investment and gives your mortgage lender the assurance they need to provide you with the mortgage in order to buy your new home.
For more information, contact a real estate appraiser in your area.