Why You Should Consider Home Appraisal Services
There are several reasons why you should consider hiring home appraisal services. These professionals will check on the condition of the house and assess any amenities. In addition to the exterior, the appraiser will look at the amenities, including the number of bedrooms and bathrooms, floor plans and square footage. An appraiser will also perform a thorough visual inspection, noting any conditions that will lower the property’s value. Here are some of the most important factors to look for.
One of the biggest factors that will affect the home appraisal is the type of upgrades. You’ll be asked to describe which upgrades you’ve made and whether or not they’ve increased the value. Typically, any improvements made to the home must be permanent fixtures, since you can’t take them with you when you move. The appraiser will also consider improvements made outside of the living space, such as to the garage or basement. In addition, they’ll look for new appliances and materials that are useful for the property, such as a fireplace.
Another factor to consider is timeframe. Most appraisals are valid for 120 days, which means that you need to close on the house within that time. If you can’t close on the home within that timeframe, you may qualify for an extension. VA valuations and VA Streamlines have timelines of 180 days and four months, respectively. This is an important consideration, as market conditions change frequently and it may take several days for the home appraisal to be completed.
If the home appraisal comes back higher than you thought, the results are even better for you. That means you’re getting a better deal on the house and more equity. As long as you’re comfortable with the appraised value, home appraisals are a win-win for everyone involved in the process. It ensures that buyers pay the correct amount for the property, helps sellers price their homes competitively, and provides proof to lenders for a mortgage.
While it is illegal to discriminate in mortgage lending, you can file a complaint with the Consumer Financial Protection Bureau or the Department of Housing and Urban Development. If you suspect that you’ve been unfairly treated by a home appraisal company, it’s important to find out the legal process and procedures surrounding your loan. For instance, how does an appraiser determine the market value? A qualified appraiser will use recent sales and trends as well as various aspects of the home to calculate the value.
Despite the many benefits that home appraisal services provide, it is important to understand the process behind these valuations. Home appraisers consider the size of a lot and the size of the home when determining the home’s value. Since people tend to like larger homes, lots are also significant factors. For this reason, a home on an acre-sized lot with excellent landscaping could be worth more than a home on two acres with wetlands.