When buying a house, an appraisal is a process your lender will use to determine its value. If the house you want to buy is the same amount of money, you get an appraisal to show how much of a loan you’ll need to pay for that home.
Before your lender does this process, you’ll want to undergo your own appraisal of the home. To do so, you need to know everything going into an appraisal. If it’s not accurate, you can run into some costly issues.
Read on to learn everything to expect during a home appraisal.
Types of Appraisals: Understanding What to Expect
Common types of appraisals may include; a standard appraisal, a walk-through appraisal, a drive-by appraisal, or a desk appraisal.
During a standard appraisal, an appraiser will inspect the interior and exterior of the home, its grounds, and any features and improvements. They may also compare the property to others nearby. The appraiser will take pictures and notes, collect measurements, and report on the condition of the property.
A walk-through appraisal is similar to a standard appraisal, however, the appraiser does not inspect the property’s features, improvements, or surroundings. A drive-by appraisal differs again, as the appraiser does not enter the home at all. They simply evaluate the property’s condition from the road.
Finally, a desk appraisal is done without an inspection of the property. The appraiser will use recent sales information to come up with a home value. No matter the type of appraisal, the goal is to figure out a fair housing market value of the property. Homebuyers should understand
Areas of Focus
During a home appraisal, the appraiser will focus on the condition of the home’s interior and exterior areas. The appraiser will inspect the foundation, roof, walls, windows, doors, & frames, as well as plumbing, heating, and electrical systems.
The appraiser will also examine the interior and exterior finishes such as walls, ceilings, and flooring, as well as fixtures and appliances. They will also take into account any alterations or additions that may have been made to the property since it was originally built.
Lastly, the appraiser will look for issues such as plumbing leaks, dampness, cracks in the walls, areas prone to flooding, and such to provide the most accurate assessment.
With their assessment, they will then be able to provide an accurate appraisal so you can sell your home for cash.
Interacting With the Appraiser
Before they arrive, it’s best to tidy up, move away any pets, and make sure the entryways and walkways are clear. During the inspection, the appraiser will measure rooms and take pictures both inside and out. Interacting with them is key to having a smooth process and can be used as an opportunity to give more information about the home, such as recent repairs or improvements.
After the inspection is complete, be sure to thank the appraiser and ask any questions you may have about the appraisal process. The home appraiser is there to help, so treating them with courtesy and respect will help ensure the process is completed efficiently.
Tips During Home Appraisal
A home appraisal is important, but it doesn’t have to be daunting. Now that you know what to expect during a home appraisal, you can rest easy that the professional appraiser is qualified to accurately determine the value of your home. Take the time to understand what an appraisal covers so that you can be prepared and get results quickly.
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