Are you looking to sell your home in the near future?
Before you sell your home, you need to have it appraised. A home appraisal involves having an unbiased professional inspect your home to determine its value.
Why is a home appraisal so important?
Check out this home seller’s guide to discover why a good home appraisal is so important for the sale of your house.
What is a Home Appraisal?
As we mentioned, a home appraisal involves a third-party service impartially evaluating your home to determine its market value. This helps the buyer figure out what mortgage amount they should request.
An appraiser will analyze many different aspects of your home to figure out its overall worth. The appraiser will look at:
- The size of the property
- The location of your home
- The condition and quality of the home’s construction
- The exterior appearance and overall curb appeal
- Windows, rooms, and closets
- The HVAC system
- Built-in appliances
- The garage and basement
If your home was built before 1979, the appraiser will also look for peeling or lead paint. Once the appraiser is done evaluating your home, they’ll rate your property as either poor, fair, average, or good. They’ll then use specialized software to compare it to other homes in the area to find a more accurate value.
It typically takes the appraiser a couple of hours to go through your home, and they’ll have an answer about the appraisal within a few days.
Why is a Home Appraisal Important?
So, why is getting your home appraised so important?
A home appraisal is important for sellers because it lets you know how much money you can expect to make from the sale. As you may have guessed, it’s in your best interest to get the home appraisal to match the selling price of your home.
If the appraisal comes back lower than the selling price, then the buyer can ask you for a lower price on the home. If you refuse to accept the lower price, then the buyer may walk away from the sale.
Of course, if you get a low appraisal value, you can always ask for a second opinion. You can also try to renegotiate the sale price.
How to Get a Higher Appraisal Value
Luckily, there are also things you can do to get a higher appraisal value. This includes:
- Cleaning your home to make the best elements stand out
- Making a list of repairs and taking care of them before having your home appraised
- Making any unfinished repairs known to the appraiser before they arrive
- Taking photos of renovations and improvements
- Adding a fresh coat of paint
To make the appraisal process go as smoothly as possible, make sure you have all of your homeowner’s documents collected beforehand. You can also click here to learn more about what home appraisers look for.
Home Sellers Guide: Time to Get an Appraisal
Now that you’ve read this home seller’s guide, it’s time for you to get an appraisal on your home. While the appraisal process can be daunting, it’ll help prepare you for selling your home.
Be sure to check back in with our blog for more home selling tips and tricks.