Tips for Undertaking a Real Estate Appraisal
Real estate appraisal can be defined as a valuation process that is conducted to know the true value of the property before it is sold or mortgaged. This valuation process is very critical in that it lets the interested parties know the true worthiness of a house or building.
The real estate appraisal is also used by banks to give them an estimate of the money to lend to their borrowers. An appraiser is responsible for the valuation process of a house or building. The appraiser is a certified expert with many years’ experience in the valuation process. The appraiser is also required by law to be fair and non-partisan when valuing a property. Banks and real estate agent are some of the companies that usually employ appraisers. There are also appraisers who run their own appraisal companies.
The property that is being valued, must be in an area well known by the appraiser. This means that they are well aware of the whole neighborhood and all the factors that might affect the property value. It is the work of the appraiser to determine if property is owned legally by checking the public records. They will also take pictures of the property both inside and outside.
Comparing the houses with others in the area is also done by the real estate appraiser to determine the property value. A full report on the findings is then written down and all the information regarding the property is collected and stored by the appraiser. The real estate appraiser will also include surrounding features that affect the value of the property like closeness to a mall, near a police station, near a highway and so on. The appraiser will then do some calculations using the information they have obtained and come up with an estimated value of the property.
Most of the real estate appraisals are similar in one way or the other. The different real estate appraisal are uniquely similar in that they are all trying to figure out the real market value of a certain house or property. To be able to determine the value of a given property, the appraiser will take into consideration some affecting factors during the appraisal process. The knowledge of these factors by the home owners will assist them in increasing the value of their homes or properties. Some of the major things the appraiser will take into consideration include the age of the property, the renovations or repairs made, the type of the house, the features of the house, the location of the house, the size of the house and the depreciation of the house.
To get a free residential appraisal, one can use either of the following ways. Option one involves using a real estate agent to value the house. The other free appraisal procedure is by searching for property appraisal websites online. Using the website appraisal is easier because you only need to provide them with the house address and also some few features of the house and then you generate an estimate of the current value of the property.