Some Home Appraisal Secrets

An appraiser evaluates your home to determine its fair market value. This could help you get a house loan or refinance with the top mortgage lenders.

Appraisers can't help you secure a loan. They might not be on your side when valuing your home. When applying for a mortgage, remember that the appraiser works for the lender, not you.

Bank employees

Appraisers consider bedrooms, baths, square footage, & lot size. How much of your lot your property takes up may also be an issue. Your appraisal may not match comparable properties with the same number of bedrooms if they're larger.

SIZE MATTERS

Some aspects that weren't a problem for you may be for the appraisal. A busy street may not bother you, but it could affect your home's value. They may consider the school district or crime rate.

Place matters

Appraisers consider nearby homes. Homes in the same neighbourhood with similar square footage & bedrooms might help appraisers assess your home's value.

Not only your home

Home inspectors play a role in homebuying & refinancing. They inspect your home for concerns that should be remedied before selling. 

No home inspection

Outdated kitchens & bathrooms can lower a home's value. Modernizing your home's features may boost its value and appraisal. A $50,000 kitchen remodel won't boost your valuation by $50,000. 

Renovations matter

You can have another appraiser look at the house, but it won't bind the bank.Ask your real estate agent for a recommendation before the bank's appraiser arrives. 

Get a second opinion

Home inspectors may ask you to follow them so they may point out flaws. Appraisers don't like them. If you want them to consider specific faults or renovations, make a list before the evaluation. Let them work.

Do nothing

Small leaks may not be a concern. But major water damage or mould could be a problem. Major water problems can cost thousands to address, and damage may lower your home's valuation.

Possible water damage

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