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3 Commonly Asked Questions About Home Appraisals

July 8, 2021

If you own a home, you may be wondering about appraisals. The appraisal process is commonly done when you buy or sell a home, but you may need one for many reasons. If you think you may need a home appraisal in the near future, check out the answers to these three commonly asked questions.

1. How Much Does a Home Appraisal Cost?

The exact cost of an appraisal depends on many factors, but you can expect to spend about $600 to $1,000 in the greater NY area. Factors that can increase the cost of the appraisal include the size of the home, the type of home, the location, the condition, and how much work is required to do the appraisal.

The reason for the increased price is twofold. First, if the house is bigger and more complicated to appraise, it takes more time, and that will cost you more money. However, if the home is bigger or has some unique features that take time to appraise, you'll likely get a high appraisal, which can be used to boost the value of your home.

One downside to the appraisal process is that the appraiser must use the cost of nearby houses to help determine the value of your home. This can be problematic if your home is much nicer than the homes around you or if you live far from other homes.

2. When Should You Consider Getting a Home Appraisal?

When you purchased your home, you likely had an appraisal, but it's also a good idea to have your home appraised if you decide to sell it. This gives you a basic understanding of how much your home is worth, so you aren't scaring buyers away with outrageous prices or undercharging for your home and losing money.

Getting an appraisal can be especially helpful if you haven't had your home appraised since you bought it. If you've made upgrades and renovations, however, your home may be worth drastically more than you originally thought. However, there are other times that you may need an appraisal. If you choose to refinance or take out a home equity loan, the lender will likely require an appraisal. This helps determine exactly how much equity you own and how much you can borrow or refinance. You can use that money to reinvest in the home.

Finally, you may want an appraisal in situations that don't involve your home loan. For example, if you apply for other loans, showing that your home is valuable will make it better collateral. On the other hand, an appraisal can help with overpriced tax assessments if the house has been appraised too high on your taxes.

3. What Happens During the Appraisal Process?

During the appraisal process, someone will have to physically come to your home and inspect it. They may start outside by examining the exterior of the house, the roof, and the foundation for any signs of structural damage. While there, they will also take note of any missing gutters or poor drainage.

The appraisal continues inside the home, and the appraiser will want to see every room to look for signs of structural damage, water damages, or pest infestation. The appraiser will also take photos of every room to document the house in its current state.

After the inspection, a report is made and given to you. The report will state the value of your home according to the appraisal, but it will also list any repairs that should be made before the process of selling or refinancing can continue.

A good home appraisal can really boost the value of your home. Even if there are some problems, the appraiser can tell you exactly what you need to fix. If you would like to know more or if you are ready to request an appraisal for your home, contact us at East Coast Appraisal Service.

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