Everything about Home Appraisal
If you’re a homeowner in Florida, there’s a good chance you’ll need to get your home appraised sooner rather than later. Appraisals are necessary for all sorts of reasons – from refinancing to selling – and you must know what goes into them.
In this blog post, we’ll discuss some of the things that can affect your home’s appraisal value. So if you want to put your house on the market, be sure to read on.
What Is A Home Appraisal?
A home appraisal is an opinion of value for a particular property. Appraisers are licensed professionals who visit the property, collect data and then provide their opinion of value. The home’s value considers many factors, including recent sales of similar properties, the property’s condition, the property’s value compared to others in the area, and local market conditions.
Third-party groups perform the appraisals that a lender needs to begin a home sale or refinance a mortgage.
Why Is The Appraisal Value Important?
The appraisal value is essential because it can affect how much you can borrow from a lender. In other words, a lender cannot loan more than the house is worth. The lender is safe by lending based on the appraised value if the loan defaults.
However, if the appraised value of your home is less than what you owe on your mortgage, you’ll need to come up with the difference to sell the property. On the other hand, if the appraised value is higher than what you owe, you may be able to refinance your mortgage for a lower interest rate, remove PMI (Private Mortgage Insurance) or take out some cash from your home’s equity.
What Can Affect The Appraisal Value?
Now that we’ve answered the question “what is a home appraisal,” it’s time to discuss what can affect the appraisal value. The following are what brings great impact:
● The condition of the property (major systems)
● Neighborhood and comparables
● Size of the property
● Age of the property
● Special features or amenities
While these factors can affect the appraisal value, they are not the only things that appraisers will consider.
What Can Negatively Affect Your Appraisal Value?
Unfortunately, there are factors about your home that you cannot control, and some of them can negatively affect your home’s valuation. While no one wants to have their appraisal lowered, it’s essential to prepare for the possibility. Here are a few examples:
● The overall market conditions in your area
● The location has a significant impact on the valuation
● The current stage of the real estate cycle
● Outdated Systems, Appliances, or decor
We may not have control of these factors but still, it’s essential to be aware of them.
Find A Knowledgable Appraiser Who Can Give You Advice
When choosing an appraiser, be sure to find someone knowledgeable about the market in your area. Aedis Appraisals specializes in a quick turnaround for your residential real estate appraisal needs. We know that, in this environment, homeowners can need reports the next day or even the same day, and we can help.
If you’re searching for the #1 Florida real estate appraiser, then you’re on the right track. Licensed appraisers possess the comprehensive education and credentials to provide reliable opinions that banks and major lending institutions require for mortgages. Have questions about the appraisal process, be sure to ask your appraiser.