16 Sep How does a home appraisal work?
If you’re planning to buy a house, you’ll quickly come across the term “appraisal.” Appraising is both useful and necessary. It helps determine the value of the house, which allows you to set a selling price accordingly.
What does an appraiser look for?
An appraiser focuses on several factors when assessing your home. These include the following key points:
- The condition and maintenance of the house.
- The size of the property, meaning how large the house is.
- The location and available amenities.
- The quality and construction of building materials.
- The type of house, such as a detached house, terraced house, etc.
- Any energy-saving measures that have been implemented.
How do you arrange a home appraisal?
It’s important to note that a home appraisal takes place after a selling price has been agreed upon with the buyer. You can easily arrange an appraisal by contacting a mortgage advisor or lender.
After the appraisal, you’ll receive an appraisal report. But what exactly is included in this report?
As mentioned earlier, the appraiser documents all the factors they consider. In the report, they detail their findings, along with all relevant data about the house, maintenance information, valuation, and supporting evidence. The report also includes photos and any other special details. Both the mortgage lender or advisor and you will receive a copy of this report.
The cost of appraising your home
In essence, you are primarily paying for the appraisal report. Most of the time, this is a fixed fee, but it isn’t always the case. Some appraisers charge 0.2% of the appraised value. It’s important to note that the buyer is responsible for covering the cost of the appraisal.
Now that you know a lot more about getting your home appraised, do you feel prepared for the process? If you feel ready, we’d love to invite you for a coffee at our office!
