When buying a home or refinancing your mortgage, you will need to have an independent and objective appraisal done on your home. A real estate appraisal is designed to develop an opinion on the value of the property. The practice involves an inspection of the property, comparing it to similar homes in the area and compiling a final appraisal report.
How long does the process take?
Although the process used to take a couple of days, recent federal guidelines have changed this. Today, a real estate appraisal takes an average of one or two weeks. The experts will request additional information about the home and collect ore data and photos.
Factors to consider when determining the worth of the house
Before arriving at an objective value of the home, the appraiser will consider several factors. Some of the important factors to keep in mind include the number of bedrooms and bathrooms, the square footage, health and safety issues and the general condition of the home. The professional will also consider similar homes in the area that have been sold in the recent past.
How you can improve the process
As a homeowner, the steps you can take to improve the process can only be done before the actual appraisal begins. Once it starts, there is not much that you will be able to do. This is why you should always keep your house in good condition, ensure that the lawn is mowed, focus on renovations and install functional appliances. All these should be done in good time.
Charges for this service
When you hire an appraiser, you should expect that they will charge for their services. In most cases, the seller of the property will be required to pay for the services. The charges vary from one appraiser to another depending on the nature of the project as well as the level of expertise you are looking for.