In the process of selling my home at the beginning of this year I decided to have my property appraised professionally by the team at NoVaStar Appraisals. I didn’t really know what to expect from the team before they began the job, yet I was pleased to be met by speed, accuracy and professionalism by their experts. I spoke at length with the lady who came out to inspect the house as I had a number of questions about the process. I wanted to share with you the answers which she gave me, to help you out if you also have the same questions about home appraisals running around your mind.
Is It The Same As Home Inspection?
An appraisal differs from a home inspection and you may actually find that carrying both tasks out are necessary. A home appraisal is simply looking at valuing the home, this will be based on both the property itself and the market. A home inspection is simply looking for any repair work that is needed in the property, and the state of areas such as the plumbing and the wiring in the property.
How Does It Work?
This is actually a very simple process which will see a member of a company come out to your home, they will spend time in each room of the home to properly assess it. The appraiser may look into outside areas of the home too, and then they will go back to the office to review their learnings, cross reference with the current market and then give a value on the property.
What Will I See?
When you receive your appraisal you will have a report which breaks down comparisons between your home and other sold homes nearby, you will be able to read notes on aspects of the home which boosted or reduced value and you will also be able to see a detailed description on how the appraiser arrived at their valuation.
Is It Mandatory?
Whether buying or selling a home, an appraisal is a smart choice to make, although it is not obligatory. Some lenders may ask for an individual valuation to be carried out if you are a buyer but other than that there is no law that says this must happen as part of a property transaction.
Finding a Firm
If you are looking to have an appraisal carried out of your own volition then you simply need to spend some time online seeking out the best company for you, or ask friends and family for a recommendation. If however you are having a property appraised at the wish of the lender, they will likely have their own teams or a company which they regularly use. If you do go it alone, just make sure that the appraisal firm is one which is properly licensed before you get started.
Any other questions which you may have about appraisals, feel free to fire away.