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Why Is A Good Real Estate Appraisal Important?
Wednesday, August 8, 2018

A real estate appraisal is a professionally calculated estimate of the financial value of a particular property. It can be an evaluation to establish the property’s market price for buying and selling purposes. A property appraisal is also conducted for other financial and legal purposes including taxation.

An appraisal can be either formal or informal with the former being conducted by a professional appraisal firm while the latter can be done by a property dealer. Many people wrongfully consider real estate appraisal to be the same as a home inspection.

A home inspection merely summarizes the condition of some of the aspects of an estate such as utilities, sidewalks, roofs and the overall structure. But it doesn’t offer an estimate of the value of the home, which can be obtained only through a real estate appraisal. There are several aspects of real estate where it is imperative for a property assessment to be undertaken such as:

Mortgage

Real estate appraisal is the primary instrument in the home purchase process as it determines the property’s market price. Mortgage companies almost always require an authenticated estimate of the property’s current value in order to lend the amount. This makes real estate appraisal critically important for home financing as lenders need security for their amount.

The appraisal provides them the assurance that the concerned property will be selling for as much as the amount they are lending in the near future. The appraisal also allows you to find out if the home is overpriced or not, which saves you from paying more than the standard market value.

Selling

Just like mortgage companies, home sellers can advantage from an efficiently done real estate appraisal before putting their property up for sale. The appraisal team will check and assess the home and its condition to determine its average market value.

Some important things they would consider include the age of the home, its surrounding, renovations and the number of repairs needed. By having a clear picture of where their property stands, homeowners can accurately price their homes.

Estate Planning

Another important reason for ensuring an annual real estate appraisal of all your estates is that it is a legal requirement for estate planning and inheritance.
This means that since the market value of an asset is likely to vary from the date the property was allocated to a family member from the date of transfer, it is suggested to have a real estate appraisal value conducted on a yearly basis. This helps in determining the real value of the estate closest to the date of inheritance.

Real estate appraisals are very important especially in today’s times, when property prices are fluctuating almost frequently. The property valuation firms will help you understand the current worth of your estate which allows you to make appropriate adjustments in time. For example, by acquiring the services of a real estate appraisal firm that alerts you of any repairs needed, will enable you to get them done in time.



 
 
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