Why You Need Residential Appraisal Services

3 June 2021
 Categories: Real Estate, Blog


Do you want to buy a new house and would like to know the real value? Or, do you want to know the real value of your home either for sale or record keeping? Whatever the reason, a residential appraisal gives an unbiased estimate of your property. Only a licensed professional can undertake this responsibility based on various factors such as location, general condition of your property, and market considerations. You can enlist residential appraisal services to ascertain the market value of your property.

Here is why you need residential appraisal services.

Hastens the Sale Process

If you're thinking about putting your house up for sale, it's important to get a pre-listing value before placing an advertisement. Your real estate appraiser will do a pre-listing appraisal which helps you in setting a genuine price. This will quicken the sale process, and you can get a good deal from the sale. 

Mortgage Considerations

If you're planning on buying a home through a financing option from a lender, you'll need to appraise your property. Typically, this is a requirement by lending institutions to get the real value of the property before financing the purchase. Likewise, if you'd like to use your property as collateral to acquire a loan facility, the bank will require an up-to-date appraisal. The money advanced shouldn't exceed the real value of your property unless there are other properties in consideration. An independent appraisal is also necessary if you're seeking refinancing on the current mortgage. Also, when getting a home equity facility on top of your current mortgage, you'll need to provide the lender with the market value of your home for them to determine your eligibility. 

Taxation Purposes

Although individual states don't impose property taxes in the US, these are included on the fair market value of the home. On your tax bill, check your property value and compare it against others in the same location. If you feel aggrieved, you can file an appeal. Also, a licensed appraiser knows what the law says about property taxes based on your state. If you wish to rent out your home, it's important to know the property's real value so that you can estimate the property tax payable based on the current rate. It helps you in estimating the rent charged to the tenant.

By knowing the value of your property, you can make sound financial decisions, such as knowing when to sell or buy. Hire residential appraisal services today for an independent valuation of your home.