As a homeowner, you may have a general idea of what your home is worth. You most likely had to deal with a real estate appraisal before you purchased it. However, just because it was appraised when you purchased it, it does not mean that the same appraisal amount still holds true. For the most part, the appraisal value does not really matter, but there are times when it is necessary to know what the true value of your home may be. Do you know when you should have a real estate appraisal done?

There are really only two times that you need an appraisal done. One is when you are trying to sell your home and the other is when you hope to refinance it. The reason you should have it done on your own is simple; to get the most value from it that you can. It makes a great comparison to have your chosen appraiser there to give you a price before the bank sends out their appraiser. That way you have two numbers to go with, one will be someone that you trust and the other will be someone who the bank trusts.

The reason this matters is because you do not want to be caught in a position where the banks appraiser has no real knowledge of the value of land around your home. This could cause you to have a lower appraisal value than you deserve. This could slow down a potential sale. It could affect a sell or how much you can refinance.

If you are selling your home and you have it priced at $300,000, your potential buyer agrees to $250,000, but the banks appraiser says it is only worth $200,000, they may only be willing to finance that much. This puts your buyer and yourself in a bind. You want the agreed on amount and the buyer most likely does not have $50,000 sitting at home in their safe. You either have to drop your price or let the buyer find something else.

Had you already had it appraised for closer to the original sale price, you could take that information to the bank and show proof of its value. They may send out another appraiser or may take your word on it, either way, you stand a better chance of getting a reasonable amount that everyone can agree on. This makes selling your home go a lot smoother for everyone involved and everyone can move on with the next phase of their life that much faster.

Before refinancing or selling your home, you will want to have it appraised. That way the bank will know how much it is worth and potential buyers will know that you are asking for a fair price. However, before you call up the appraiser in your area, you may want to take a look around you and take care of a few things to increase the overall value of your real estate appraisal.

One of the most important things you can do for you home is to spruce it up. If you have old worn out paint on your home, buy a few gallons of paint to give it a makeover. If the inside of your home is cluttered with a bunch of junk, eliminate it. If you have a lot of overgrown weeds in the yard or a pile of lumber that is kind of scattered around, take a little time to clean up your yard.

None of these things have to be major projects. A lot of them can be done by you and your partner in a weekend or two. You will not have to invest a lot of money into the property to get it appraised at a higher value. You simply have to show off it’s best features so that when the appraiser comes, they can see everything that matters.

Also, if you have replaced the roof on your home in the last couple years or done any major home improvements, be sure to let the appraiser know. They have no way of knowing that the kitchen has been renovated or that the bathroom has a new vanity and tub. You have to be the one to point out those details. It will make a difference and help your home’s value drastically.

The biggest thing is, before seeking an appraisal, you should take a slow walk around your home, both inside and out. If there is any part of it that you look at and realize it is not “nice looking” you should put a little effort into cleaning it. It does not matter if it is a garage that needs organizing or a bathroom that has water spots on the shower doors and mirrors. This does not mean you have to run out and purchase a new shower door, but you should attempt to clean it up a little. Every little thing that you can do will make it worth more in the long run, and then it will help you have more money in your pocket.

When you are talking about selling your home or purchasing a new home, you will most likely have to hear the term, “real estate appraisal” several times. Do you know why real estate appraisals really matter or are you in the dark about how much of a difference it can make for you?

A real estate appraisal is when you have someone come out and view your home. They take all aspects of it into consideration and tell you how much they feel it is worth. If you are buying a home for $100,000 and the appraiser says that it is not worth that much, you may want to look in another direction and get a house that is worth the money you put into it. On the other side of this, someone may have a home for sale at that price, but it is appraised at much higher. In this case, you are getting a great deal, because if you decide to sell it, you stand to make more than the original owners.

It works the same way if you are trying to sell your home. An appraiser can come by and give you a fair starting price for your home, your land, and all things that you plan to include in the sale. They will give you a price that shows its true value and from there, you can determine your asking price. If you choose to go lower than the appraisal value, you may sell your home a lot faster than if you attempt to sell it at the appraisal price or more.

If you have the real estate appraiser come out to you home and it is not valued as high as you want for it to be, you are often able to make minor changes that will increase its value. It may be something as simple as adding fresh paint to your front porch or planting flowers. A home with great curb appeal can also reach a higher appraisal value and allow you to ask a little more.

By having your home appraised before selling it or having a real estate appraisal done on the land that you hope to purchase, you can make a better decision about everything. It can save you from losing money that should have been yours and protect you from making a bad investment when you do not have to.

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