Appraisals

Published On: October 7, 2009

Good Morning!

The following column is from our monthly newsletter. If you would like to have information like this sent to you drop me a note and I will place you on our list.

Did you know that many people have their homes appraised even when they are not in the buying process? When refinancing your mortgage, applying for a home equity loan or trying to remove your PMI (Private Mortgage Insurance) requirement, an appraisal is typically necessary.

There are many reasons why you might need to have your home appraised, many people have their homes appraised even when they are not in the buying process. When refinancing your mortgage, applying for a home equity loan or trying to remove your PMI (Private Mortgage Insurance) requirement, an appraisal is typically necessary.

An appraisal is an objective, impartial and unbiased opinion about the value of your home. To determine this value, an appraiser looks at your home’s location, size, condition, amenities and improvements as well as the recent sale prices of comparable properties. An appraisal is different than a home inspection, which assess! es your home’s condition.

Homeowners who are thinking of selling will find an appraisal helpful in establishing the listing price by pointing out which repairs or fixes are necessary to warrant this price and whether any home improvements, such as adding a third bathroom, would enhance the home’s value enough to justify the expense and an increase in the listing price.

Lastly, an appraisal is a must if you want to petition for a reduction of your property taxes. I will tell you more about this process in another newsletter.

If you are thinking of having your home appraised, please let me know! I can provide you with a recommendation for a professional appraiser. I am your resource, here to help you with your real estate needs.