What is a Home Appraisal?

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. Then compares it to the value of local homes that are similar. 

The home appraisal process can last a few hours. The appraiser assesses the home's dimensions, evaluating its condition inside and out during this examination period. They seek a well-maintained home and will document any signs of neglect or damage during their inspection. 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 recently. Other features that are heavily considered in an appraisal are number of bedrooms and bathrooms. The home’s floorplan functionality, amenities and square footage may affect the appraisal too. An appraisal will also be interested to know about any improvements that have been made recently to the house that would help determine value. So documenting those as they are made can be helpful in the future. Contact realtor Wynne Moore for all your Real Estate inquiries.

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