How to Get an Effective Real Estate Appraisal
Real estate appraisal can be defined as a valuation process that is conducted to know the true value of the property before it is sold or mortgaged. This valuation process is very critical in that it lets the interested parties know the true worthiness of a house or building.
The real estate appraisal is also used by banks to give them an estimate of the money to lend to their borrowers. The real estate appraisal is usually conducted by an appraiser. The appraiser is very experienced not only in terms of education but also possesses knowledge in property valuation. The appraiser is also forbidden by law in giving property appraisals that may favor one side. Companies that commonly work with appraisers include real estate agents and banks. There are also appraisers who run their own appraisal companies.
Familiarity of the area where the house being valued is located, is very important to the appraiser. The familiarity allows the appraiser to know all the pros and cons that might affect the property value. Another responsibility of an appraiser is to counter check the property’s records with the public records to ascertain it is legally owned. The appraiser will then photograph the outside and the inside of the house.
To determine the value of the property, an appraiser will compare the house with others in close proximity. The appraiser then writes a full report of their findings and also stores all the data from the property. Features near the house that might affect the value of the property are also noted down by the appraiser. Using the information collected, the appraisal will then give a calculated estimate of the house.
The real estate appraisals are all very closely related. The different real estate appraisal are uniquely similar in that they are all trying to figure out the real market value of a certain house or property. The valuation process usually gears the appraiser to usually look for some key factors that determine the property value. Knowing these factors as a home owner might be helpful in increasing your property value. Some of the major things the appraiser will take into consideration include the age of the property, the renovations or repairs made, the type of the house, the features of the house, the location of the house, the size of the house and the depreciation of the house.
For a free appraisal on the house, there are two options. The first way to get a free residential appraisal includes using a real estate agent to do an estimation of the house. The second option is by the use of the many available free online appraisal websites. The online appraisal is very convenient because it is fast and the only requirements needed are the house address and some extra features and you get the market estimated value of the house.