Once you’ve secured your home loan and picked out the house you want to purchase, you will probably want to have the house appraised. The seller probably had the home appraised before they put it on the market, however, they may simply have chosen their price based on home prices in the area, instead of on the actual value of their home. Before you finalize the purchase process, it’s always a good idea to have the home independently appraised, just to make sure you’re not being swindled.
How Long Should It Take?
How long a home appraisal takes will depend entirely on the size of the home. A small home or one with a very open floorplan may take as little as fifteen minutes to appraise. A very large home, with many different floors and rooms, may take a few hours to measure and survey properly.
Why Do I Need to Have the House Appraised?
Having the home you want to buy appraised will not only ensure that you are paying a fair price for that house, it can also help to assuage any doubts or concerns that your lender has. In some instances, they will want to see a very recent appraisal for the home so they can be certain that they are lending you the right amount of money in order to buy that house.
Who Does the Appraisal?
Appraisers are trained and certified by each state. These appraisers will often have connections with your realtor, so if you are looking for an appraiser, consider consulting your realtor and asking who they recommend. An experienced, well-qualified appraiser is not difficult to find, if you know where to look.
What Do They Look For?
Appraisers will look at the prices of other homes in the area, but they will also consider the specific house, it’s size, age, how much yard it has, where it is located, and even what kind of views it has. How many rooms, the size of those rooms, and the condition of the walls, plumbing, heating, cooling, and electrical systems could all be factors.
What Do I Do with the Appraisal?
An appraisal assures you and your lender that you are paying the right amount for that house, considering its size, location, and condition.