With the housing market undergoing a post-pandemic boom, many people are turning to appraisers and checking the value of your home. In the article that follows, we will look at what a home appraisal is and why you might wish to book one, and talk about the process involved and what you should expect. Let’s start with a brief explanation of what home appraisals are all about.
What is a Home Appraisal?
When you book an appointment with a professional home appraisal service provider, you enlist an expert in property values in your area. A good example would be Metrowide Appraisal who is a real estate appraiser in the greater Toronto area. We’ll talk in more detail about what happens in a home appraisal later on and why you may want to book one, but the first thing you need to know is that property prices change all the time.
Demand is high right now for homes in all areas of the USA. This is largely due to the pandemic exposing some families to the benefits of outdoor and more indoor space in the home. This demand leads to rising prices, and if you had an appraisal just a few years ago, it might be worth having a new one as the value of your home will have changed.
Let’s move on and look at the reasons why you may want to have your home professionally appraised.
Do I Need a Home Appraisal?
The current state of the US property market is good, but it is a buoyant one. Prices overall have risen lately, and as appraisers could not carry out their job during the pandemic, they now find they are also in great demand. There are a few main reasons why you might book an appraisal:
- You want to know the value of your home as you are looking to get a better mortgage deal.
- You are looking to raise money by remortgaging and need to know if there is equity in the home and to what value.
- You want an accurate value because you are selling your home.
It may be that you simply want to know how much your home is currently worth, and it is an important factor in your life. Let’s now look at what you can expect to happen during your home appraisal.
What Happens During a Home Appraisal?
A professional home appraisal expert will be able to advise you as to the right value for your home at this moment. They will need to attend the property to perform a thorough inspection of the house both inside and out. This will involve looking at many different aspects of your home – we’ll get onto these in the next section – each of which can affect the value.
No two homes are the same. You may live next to what you believe to be an identical home in a similar-sized plot, but there can be considerable differences in value, as you will see. The appraiser will need anywhere from half an hour upwards, depending on the size and type of your building.
The appraiser will not only inspect the property and its surroundings. They will also want to talk to the homeowner about any special features of the building. Appraisers are highly skilled property experts with knowledge of the property market and have experience in construction and have access to other professionals in the industry for the more complex area of home improvement.
The more information you can provide to the appraiser, the more accurate your valuation is, so be prepared to spend time with them. They will also need to take photographs inside the home for which they will need your consent, so be prepared to give them such for the best service.
Now we need to talk about the factors that will influence the value of your home, and there are many more than you may at first believe.
What Can Affect the Value of My Home?
As we said above, every home is different, so even though yours looks the same and is the same size as next door, it may not be valued the same. Here are the main aspects that affect the value of an individual home, and these are the factors an appraiser will take into account:
- The home’s location is about the quality of the neighborhood, local amenities, and access to the main areas of employment. Schools may also have an influence.
- The size and type of the dwelling itself and the plot are within.
- The physical standard of the property both outside and in, as well as that of any outbuildings.
- The quality of any additions to the home.
- The standard of internal and external fixtures and fittings.
- Any landscaping or external improvement that has been carried out, with relation to the location’s environment.
- Internal systems such as electrical, A/C, plumbing, and others and the condition they are in.
- Any repairs that may need carrying out as noticed by the appraiser, with relation to the age of the home.
In short, an appraisal considers the property as it is right now in terms of condition, size, and location across the board. That’s pretty much everything that they will look for. What else should you know about house appraisals? We think we’ve covered the subject quite comprehensively, so let’s finish with a summary of what we’ve learned.
A home appraisal is something you book when you want an accurate value of your home for one of many reasons. A highly skilled professional who is an expert in the local property market and all things to do with home values will visit your home at a convenient time and assess the quality of the building, its surroundings, and all else that affects the property’s value. They will then provide you with a detailed report that includes an accurate valuation of your property at that time.