What is an Appraisal for a Home?

What is an Appraisal for a Home?

A home appraisal may be defined as a report that will calculate the value of your property. It does so by evaluating several different aspects, like the year it was built, the location, and the gross living space. If you buy a new home with a mortgage or refinance a current loan, an appraisal will be needed.

Appraisals are very important when it comes to buying a home. This will assure you that you are not paying more than the home is worth. The cost of an appraisal will be dependent on the type of property being appraised, location, square footage, and the lender or bank. Typically, they will be between $300 to $600 dollars, give or take. The more expensive the home is, the more the cost of the appraisal. Naturally, the appraisal cost of a million-dollar home is going to be much more than a $300,000-dollar home.

Now that we know what an appraisal is and what an appraisal cost, the next question is obvious. How do you get one? This is a service you cannot shop for. The lender will order the appraisal and pick the appraiser.

An appraiser will come out to your home. They will thoroughly examine the property, inside and out, and compare the home to others in the area that recently sold. By doing this, they will be able to determine an appraised value, and decide whether you are getting good market value for the home.

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