By Paul FP Pogue Ask Angi
If you’ve ever bought or sold a home, you know the critical role home appraisers play in the bottom line. Even if you haven’t had the (sometimes stressful) pleasure of buying or selling a home, you should still familiarize yourself with what a home appraiser does and how it affects your bottom line if you ever find yourself closing. a house sale.
On average, a single-family home appraisal will cost between $ 300 and $ 500, although that price may increase for larger homes. The same is true if a house has certain characteristics that require more time and expertise to be appraised. In most cases, the evaluation costs are the responsibility of the purchaser. However, you will have to pay the cost if you are trying to find out its value for non-business reasons. If you are hiring an appraiser, verify that they are state graduates and have relevant experience in your area. Knowing the community helps appraisers accurately price a home.
Prepare for a home appraiser by making sure the home is as clean and clutter-free as possible. An open area helps eliminate potential distractions so they can examine everything in depth. It’s also a good idea to handle any minor repairs ahead of time. Exterior damage, chipping or chipping paint, and torn screens tend to make a home look like it hasn’t been well maintained.
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Appraisers will inspect your home for health and housing codes, count the total square footage of all rooms, examine ease of layout, and consider items such as appliances and utilities. They will also take into account available parking and driveways, as well as the home’s exterior condition and curb appeal.
Let the appraiser know about any home improvement and its cost. Recent installations like a new $ 5,000 furnace or a $ 15,000 roof can increase the appraised value of the home. If possible, give them a written check for upgrades. Likewise, a recent copy of your property tax bill will help you.
Be aware that any renovations made to the home without obtaining the appropriate permits will likely show up during the home appraisal or inspection phase and could affect your sale. Home sales are a big reason you need to make sure your contractors are getting all the proper permits for any job. Skipping permits can come back to haunt you years later.
Some of the most critical factors affecting the value of your home may be beyond your control. There’s a reason real estate relies on three essential words: location, location, location! The quality of nearby schools, access to roads, noise factors such as nearby trains and other things will help determine the final cost. Appraisers will also take into account nearby home values and recent sale prices to estimate a local benchmark.
Ultimately, if you don’t agree with your appraised value, you can bring it to the attention of the lender or company that ordered the appraisal. You’ll have better luck if you can provide your lender with objective data, such as recent nearby home sales that were particularly low for reasons specific to that property rather than the neighborhood.
Tweet your home care questions with #AskAngi and we’ll try to answer them in a future column.
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