When selling your property, it is necessary to know what characteristics it has and what its real price is. In this article, we will talk about the importance of looking for a home appraiser.
The appraisal of the property will allow you to know what would be the fair price to buy and sell your house. This is in order to make a transparent and fair process. So, you can determine if you are renting or selling a house with the right rate.
Appraisals are important because those who do them are committed to giving accurate and ethically based results. So, there is nothing to worry about.
What is a home appraiser?
A home appraiser or as it is officially known: a Real Estate Appraiser Expert, is a person or institution that estimates the value of a property by making a detailed report that is valid for 1 year.
Why is it important to find a home appraiser?
Surely you think that you know the value of your house and that you do not need to hire a person to tell you the real value of the property, but it is not so.
Looking for a home appraiser will allow you to know the real value of the property. With this information, you will be able to request a mortgage loan, know the cost of sale, or stipulate the appropriate price for rent.
After inspecting the house in detail, the home appraiser will give you a document that will tell you the real value of the house. Take into account that the document will only be valid for 6 months, so if you need to carry out any important procedure, it must be done within this period.
There are 3 types of home appraisals:
- Income appraisal: Calculate the price at which you will be able to rent the house.
- Physical appraisal: indicates the value of the construction of the house
- Commercial appraisal: Gives you an income + physical appraisal as well as the value of the properties in that area.
What to do before the visit of the home appraiser?
For efficient home appraisals, we recommend doing the following before your home appraiser visit.
- Schedule the visit of the home appraiser and do not forget it to avoid inconveniences.
- Invest in fixing the damage that the house could have.
- Gather all the documents that will be needed for the appraisal.
- Check if there are buildings near your house that could modify the value of your house.
What factors will be considered in the appraisal?
In the appraisal the following elements will be considered to determine the cost of the house:
- A place where you are
- House measurements
- Materials with which the house was made
- Special finishes that the house has
- Date the house was built
- Services such as accessibility to means of transport, supermarkets, hospitals, schools, etc.
- Study of the surrounding houses
- Adaptation to the urban regulations of the area in which it is located.
What do I need for my home appraisal?
The first thing to do is identify the type of appraisal that is needed since the documents requested will depend on it. Depending on the type of appraisal you will need these documents:
- Deeds
- Identifications
- Proofs Of Property
- Architectural Plans,
- Copy Of the Statement of Completion of Works,
- Certificate Of Freedom Absence of Lien,
- Appraisal Request Form
The cost of the appraisal varies but in general, it is estimated according to the price per square meter of the construction and the area.
Conclusion
If you are looking to sell your home, at Team Bains Properties, we help you with the entire process and we can even do an appraisal. This way, you won’t have to worry about all the paperwork.