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Reasons to Have Your Property Appraised
Wednesday, February 13, 2019

If you want to find the financial value of a property that you want to buy or sell, a property appraisal is what you go for. This estimate is the true and fair value of a property in the real estate market. However, real estate transactions are not the only reasons why property appraisals are carried out. These appraisals might be conducted for tax or legal reasons.

Generally, there are two types of property appraisals, formal and informal. Formal property appraisals are conducted by genuine and certified property appraisers, while informal property appraisals are carried out by a common property dealer.

For those who confuse property appraisal with a home inspection, both procedures are not the same. There’s a difference between both procedures. A home inspection is about checking the condition of a property, like roofs, walls, air conditioning, etc. On the other hand, property appraisals are all about calculating the market value of a property, not checking the condition of a property.

Here’s why you should have your property appraised by the professional appraiser.

1 - For Mortgage Purposes

Companies that arrange mortgages have no better option than relying on property appraisals to determine the accurate market price of a property. That’s how these companies are able to mortgage a property based on its current market value.

2 - Buying or Selling a Property

Property appraisals assure you that a property is not overpriced. This saves you from paying any amount above the market value when it comes to buying a property. Similarly, when you have decided on selling your property, you need to ascertain the value of your property so that you don’t end up selling it for an amount that is less than its market value. That estimate can only be calculated by professional property appraisers. These professional appraisers visit your property and assess its condition. This assessment helps homeowners demand a fair price for their property.

3 - For Estate Planning

Property appraisals are important for estate planning. If you’re allocating a property to a family member, you need to be sure of how much that property is actually worth. Also, it’s highly likely that the value of a property will differ from the date it is allocated to somebody and the date that property is inherited. Thus, it is recommended that you carry out property appraisals annually so that you know the value of the property closest to the date it is inherited.

Property appraisals are of high significance these days, considering that property prices keep on fluctuating on a regular basis. Besides appraising properties, professional property appraisers also recommend the changes in your property that can increase its market value. If you want to schedule an appraisal of your property for any reason, contact Lexur Appraisal Services and request a quote today.

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