A home appraisal is a crucial step in the home buying or selling process. It ensures that the buyer is paying the correct price and that the lender is confident in the value of the property. In most cases, the appraisal is paid for by the buyer. However, depending on the size and location of the home, the borrower may also be responsible for the cost.
An appraisal is required by most mortgage lenders. Usually, the appraiser will compare the value of the home to other similar properties that have recently sold. He will also assess the condition of the home, the general condition of the neighborhood, and the functionality of the house’s systems.
The process can be confusing for homeowners, and it can also be frustrating for lenders. Before the appraisal, it’s a good idea to know what to expect from the appraisal. Here are some tips to help you get the most out of your appraisal.
You’ll want to know what kinds of improvements can increase the value of your home. For instance, adding central air can add value. Also, a well-maintained yard is a good indication that the house is in good shape. Keep the lawn trimmed and weed-free. Adding flower pots and a fresh mulch can enhance the look of the landscape.
You may need to collect documents and proof of any upgrades that you’ve made to your home. For example, if you’ve installed a new HVAC system, you’ll need to supply the appraiser with documentation and receipts.
You may also need to provide the appraiser with information on any changes you’ve made to the home. For instance, if you’ve renovated the bathroom, you’ll need to supply the appraisal with a list of improvements you’ve done.
As with any other type of appraisal, you should use a qualified Colchester Home Appraisal Service. An experienced appraiser will be able to determine the true value of your home. This can be beneficial for all parties involved in the sale or purchase.
When a home appraisal is completed, the appraiser will present a report that details the estimated market value of your home. They will then compare the value of your home to similar homes in the same area that have sold in the past six months.
A home appraisal can take several weeks to complete. However, the time varies according to the size and location of the home. During the busiest buying seasons, appraisal companies may be overloaded. That’s why it’s a good idea to work with a real estate agent who knows your area.
If you’re getting a refinance, you’ll need to prepare some documentation for the appraisal. Be sure to include the date you completed any work on the home. Additionally, be sure to clean the home, remove any clutter, and prepare a list of any improvements you’ve made.
Lastly, make sure to follow any advice your appraiser gives you. For example, if you’re trying to get an inspection-based waiver, discuss the options with the appraiser.