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, and then compares it to the value of local homes that are similar. 

The home appraisal process can last a few hours. During this time, the appraiser will examine and measure the home’s dimensions, evaluating the condition of the home inside and out. They seek a well-maintained home, noting any signs of neglect or damage during their assessment. 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.

A home's appraisal value often comes from recent sales of similar properties within the surrounding area. An appraisal heavily weighs factors like bedroom/bathroom count, floorplan functionality, amenities, and the total square footage of the house. 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. Call Kelly Pearson at kellypearsonrealtygroup.com .

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