When it comes down to selling a home, there are several considerations such as:
- Finding a real estate agent
- Finding your property worth
- Setting a sale price
- Preparing for an inspection
- And finalizing the sale contract
The whole process can sometimes be frustrating, and perhaps the most important of them is finding out the net worth of your property in the current market, i.e., property appraisal.
Your property’s appraised value can seal or break your sale. A licensed real estate agent usually conducts the process.
What happens during the appraisal?
When conducting the appraisal, the main focus of the assessment is:
- The size of your property
- The number and size of bedrooms
- Condition of fixtures and fittings in case they’ll be included in the sale
- Additional features of the home like a swimming pool, decks, etc.
- Quality of inbuilt appliances
- Areas that need improvement
- Location of your property- it matters a lot
- The state and integrity of the building structure
- And the overall presentation of the home
The real estate agent will use all these features to run a comparative market analysis of your property with that of other properties sold in your local area within the last 90days.
Later, the agent will present you with the appraisal figure they believe accurately represents your property.
So, should you get real estate appraisals?
An appraisal is not necessarily about selling your property. It can be a simple wise financial decision just to understand your property’s value in the market today.
Appraisals range for a variety of reasons, for example;
- Carrying out after repair value (ARV) appraisals is usually done when you’ve had some renovations and want to know how much value your property has added.
- Or perhaps you’re looking to purchase an investment property, and that calls for investment properties appraisal.
- Or you have to change locations suddenly – a relocation appraisal will help in estimating your home’s current value within a reasonable length of time.