An important part of selling or purchasing a home is the home appraisal. They give an objective and impartial appraisal of the property’s market value. An appraiser is typically a licensed professional, or certified professional.

It usually considers comparable sales in your area and on the market. A visual inspection is also done to assess the condition.

When selling or purchasing a house, an appraisal is required. A house whose appraisal value is less than the loan amount will not be approved for a loan by banks. A qualified appraiser can help save money and be necessary in certain circumstances.

Before you decide to sell your house

Homeowners who are thinking of selling their house can get a pre-listing appraisal done to give them an accurate estimate of the property’s value. This will help you set a realistic asking price, and increase your chances to sell quickly.

Refinancing your home

Refinance is the process of replacing an existing mortgage. This is because your home’s value could have changed since your original purchase. Lenders will require an appraisal to confirm that the new mortgage amount is reasonable and fair based upon the current home value.

If the home’s value has risen since purchase, refinance may be possible. A loan may not be available if the property’s value has decreased.

How to get your home equity loan

Home equity loans are a way to get a second loan to pay off your mortgage. The amount of equity that you are able to borrow for a home loan is determined by how much you have after subtracting your current mortgage value from your house value. A home equity loan may not become available if the value of your home has decreased.

Other loans are available

For certain types of loans, you may need to use your home as collateral. Like home equity loans, the bank will want you to prove that your home is in good condition and worth the loan amount.

Appealing tax assessments

Many states base property taxes on the fair market value. Appeal a property tax assessment may be possible if your assessed home value appears to be excessively high. This could happen if your local housing market has declined.

An independent appraisal is a great way to strengthen your case, and ultimately lower your property taxes. There are several options available for challenging assessments. You should check with your state to determine if homeowners are allowed to submit appraisals to appeal the property tax assessment.

Get the most out of your appraisal

You should provide information that will aid the appraiser in determining the home’s value. Find out more about the area, including sales prices.

By keeping track of all home improvements, maintenance and repairs, you can show that your house has been well maintained.

Keep in mind that it is unlikely that you will be able recover the entire cost for major renovations like a kitchen or bathroom remodel, even if the home is appraised at its value.

As a way of selling a house, it is possible to improve its appearance. You should keep your yard mowed and ensure that the house doesn’t get cluttered or messy. You may consider painting the exterior or interior if it is stained or shows signs that neglect.