So you have found a lucrative business to invest in but money is short and the only asset you have is your home. As per NoVaStar Appraisals , when you want to mortgage it but are unsure of whether you will be cheated out of a fair price by the moneylender. This is where home appraisal comes in.
Home Appraisal is an unbiased profession judgment of a home’s fair market value. Appraisals are mainly done for two situations:
- They are very frequently called for in either purchase or sale transactions where it is important to determine whether the home’s price is fair considering its features, age, area and locality.
- Appraisals are also called for in refinance situations as an assurance to the lender that they are not handing over money way above the house’s value especially since the house acts as a collateral in case of dissolution or bankruptcy of the borrower.
Appraisals are done generally from the side of the lender (the bank in most cases) and these checking are conducted by qualified professionals who take into account the exterior of the house, the total area, the interior condition of the house- the roof, ceilings, drainage, sink, walls, windows and more. So the equation basically stands as- the better the condition of the house, the more you are going to get out of it. NoVaStar Appraisals offers tips by which you can increase this value:
- Paint: Putting on a new coat of paint around the house works wonders for starters. It makes the home looks fresh and taken care of.
- Repairs: Take on little repairs around the house like fixing the broken kitchen sink, that one broken windowpane and unclogged the drainage pipe.
- Odors: There is nothing more repulsive than a house that smells bad. An appraiser maybe unbiased and will disregard the living conditions and the furniture present in the house but every little bit counts and so it is wise to invest in some air fresheners. Apart from the short term solution, make sure that your house doesn’t have molds sticking to various surfaces or has frayed or destroyed carpeting.
- Gardens: If you have a garden, make sure that you trim it and keep in an aesthetically pleasing state since the appraise will look at the exterior as well.
The bottom line is that, present your home in such a manner that even you would want to buy it again.
Additionally, it should be kept in mind that low sales in the surrounding areas can also simultaneously lower your home’s value. This is the where the condition of your home can convince the appraiser to increase your value.
Home Appraisals are a sure safeguard against conspiring negative factors which may attempt to purposefully lower your home’s value from the market price. Appraisers are unbiased judges and if you feel like the price could increase then you can always refer for a second opinion.
Thus, the benefits of home appraisals are numerous and availing them gives one peace of mind regarding a fair transaction.