A Multi-Family Home

Two Questions You May Want Answered About Home Appaisals

by Arnold Gomez

The appraisal process is something that many homeowners do not have a very thorough understanding of. However, it can be an important part of owning a home, and this may mean you will benefit from taking the time to learn more about this important task.

Do You Only Need To Have An Appraisal Done When Buying Or Selling Property?

There are some individuals that are under the belief that they only need to have an appraisal performed when they are in the process of buying or selling a home. While it is advisable to have appraisals performed during these transactions, there are other reasons why you may benefit from having an appraisal done.

For example, it can be a common issue for local governments to overestimate the value of a property when assigning property tax. If you find that this is a problem with your local government, you will need to use an appraisal to challenge the incorrect tax assessment. Additionally, it is important to appreciate the need to update your homeowner's insurance to make sure that it reflects the current accurate value of your house, and an appraisal can be essential for knowing whether you should increase the coverage of your policy limits.

Lastly, it is often advisable to consult with a home appraiser prior to deciding upon major renovations to your property. These individuals will be able to research the local market to help you determine which upgrades will result in the largest increases in value for your home. By using this information to guide you during the design process, you can make sure that your budget is used as efficiently as possible.

How Long Will The Entire Appraisal Process Take?

You might be worried about committing to having an appraisal done because you might assume it will take days for the appraiser to inspect your home and property. However, this step of the process can actually be completed in a fairly short amount of time. Depending on the size of the house, these inspections may be able to be completed within a single afternoon.

However, the next step in the appraisal process will take much longer. During this step, the appraiser will need to research the area for comparable houses to your own. This will allow them to see the prices that they have been fetching on the open market. After consulting this information, the appraiser will be able to generate a value range that will reflect what your home would be likely to receive on the open market. For more information, talk to a professional like East Coastal Appraisal Services.