Everything You Need to Know About the Home Appraisal Process

On the surface, it looks very easy to sell a house – however, there is a lot of effort, time, and energy that goes into it. On the surface, it looks like all you have to do is put a board on your house “up for sale,” but there is numerous process like listing, appraisal, and home inspection that you need to conduct before you can sell your house.

Among all these processes, there’s one process that most people are unaware of; home appraisal. Keep reading below to find a comprehensive guide about home appraisal processes and why you need it.

What is Home Appraisal?

When selling a house, you must price the home right, but how will you find the correct price for the house? Are you going to price it randomly?

The home appraisal comes into play when you need to price your house right. A licensed home appraiser conducts a home appraisal process by inspecting the house. The appraiser will assess the property as to its original value and worth. You must understand that the value revealed after the appraisal will not necessarily be the same as the listing price. The listing price is influenced by the market equilibrium, demand, and supply. But, the appraisal will show the real value of the property.

An appraisal is important – if someone is buying a house on loan, the lender will demand an appraisal.

Factors Affecting the Appraisal

During an appraisal, the licensed appraiser will look at various aspects of the property to determine and compile the true value of the property. The appraiser will look at the property’s condition, the appliances, the property’s location, its surroundings, and any upgrades you might have made in the property.

If your house is in good condition, you have made some upgrades to the house; while your home has up to date appliances, the appraisal value will be much higher for your house than a place that does not have these amenities.

How to Increase Your Houses Value

We all wish to sell our house and all other properties at high rates. Here is a bonus tip you could execute to ensure that the appraisal determines that your home is worth more:

Fix All the Errors

In case your house needs minor renovation, do it. Make sure your house looks good; it doesn’t have chipped paint. It’s clean, clutter-free, the ceiling is well, the sewage system is intact, the doors are good, etc. Once you ensure these minor fixes, they will add up together to give your points, leading to a higher appraisal.

You might be thinking, “why should I spend more to earn more?” The answer to this is that you might spend $100 to fix these minor problems; however, it will raise the property value by $300, which I $200 more than the amount you paid to fix it. Now, will you get it fixed or not?

We know you might think that it’s not important to get an appraisal done, but we suggest you get it done, so you know what you’re dealing with and have a rough estimate of what your house is worth