Do You Need a Home Appraisal This Year?

Do you need a home appraisal this year? If you are selling your home, of course part of the home buying process involves getting a home appraisal. This sets the fair market value for your home so that a bank can lend the proper amount to a buyer for the mortgage. A qualified appraiser performs the appraisal, considering the home’s age, condition, and unique features.

A good bit of a home’s appraisal value comes from the value of similar properties in the area that have sold in the recent past. In addition, appraisers heavily consider the number of bedrooms and bathrooms, the floorplan, square footage, functionality, and amenities. The appraiser will also consider any improvements you have made to the home, so you should document them to help the process.

But what if you’re not selling your home? Do experts recommend an appraisal for homeowners who aren't selling? Sometimes, for financial reasons, an appraisal is a good idea during a divorce, refinance, line of credit request or real estate settlement. Or if you’ve done major renovations to your home. And often, an appraisal can help when you are requesting removal of your PMI (Private Mortgage Insurance) because you believe your equity has reached the level to warrant this action. In addition, if you are challenging a tax assessment, you might want to consider a home appraisal if you believe your property taxes have been assessed too high.

Knowing your home’s value can help you make smarter financial decisions, whether you’re selling, refinancing, or planning your next move. Wynne Moore Group can help you understand when an appraisal makes sense and connect you with trusted local professionals. Learn more about your options and take control of your home’s value today.