What You Can Expect And How You Can You Prepare For Your Home Appraisal
Letting go of your home can be an emotional task and on top of that you have someone coming along and putting a price on something that may always be priceless to you. Getting appraised is both scary and confusing, but that is completely normal.
- An appraisal and a home inspection are one and the same.
The job of an appraiser is to determine the property value of your home and the job of an inspector is to find everything problematic about your home. When appraising your house, appraisers look at other comps in the area, as well as the square footage and the plumbing and electrical aspect of the home.
- The appraiser works for the buyer.
The buyer pays for the appraiser and the lender hires the appraiser. The seller and the buyer don’t have to agree on the price that is set forth after the appraisal, but the lender needs to be on board since it is their investment, too.
- An appraisal will come back with the magic number.
The appraisal process isn’t an exact science and is just an opinion of what the home is worth. It does not determine what the buyer should pay or what the seller should accept.
- Having a big house, doesn’t mean it’ll get a high appraisal.
A home is appraised based on if it is similar to those in the neighborhood. Having a large home can be a burden to some people since there is more area to heat, cool, and insure.
- All amenities are equal.
It’s great to add a suite, a tiki bar, or a workout room, but adding those things to your garage will devalue your home. Don’t sacrifice one amenity for another.
When preparing for an appraisal, make sure you have the following items on hand for the appraiser:
- A plot plan
- A title policy
- Your most recent property tax bill
- A list of items that are to be sold with the home such as furniture, swing sets, or pool equipment
- A list of any upgrades that you have done since you purchased the home
If you are looking to buy or sell a home, contact The Fairfield Team and we would be more than happy to help you out.