The key to enjoy a favorable home appraisal is to get personally involved in the process. If you get involved in the process, there is a greater likelihood that you will also get an accurate and fair home value. To help you in the process, here are five practical tips that you should always consider.
Look for an Appraiser Who Knows the Local Market
You should take note that the entire real estate market remains volatile. So you have to ask your mortgage broker if the assigned appraiser knows the local market thoroughly. This is very important to make sure that the appraiser understands current local trends and valuations. You have to remember that the real estate industry has become highly localized today.
Be On-site During the Appraisal
It is very important to be on-site during the appraisal. If you can not make it, then make sure that your real estate broker would be at the place being appraised. If you are present, you will be able to answer all the questions of the appraiser or clarify matters concerning the valuation of the property. This is also a good way to ensure that the appraisal will not be done perfunctorily.
Prepare the Sales Contract and Show It to the Appraiser
Buyers in the homes market are having a field day today. You have to expect a lot of hard bargaining. It is customary nowadays for sellers to include numerous deals and add-ons to the properties. It is very important therefore for the appraiser to know everything about the special provisions that have been included in the sales contract. Show the contract so that the listed provisions like home theaters, special furniture, and home equipments can be considered in the valuation of the home.
Make Sure You Highlight the Perks of the Property
Remember that the real estate market has become more localized. This means a property’s valuation can be influenced by the quality of the surrounding neighborhoods. The desirability of the place would be fairly dependent on the local economy, local taxation policies, and available services and institutions nearby. You have to make sure that the appraiser is aware of the perks of your property relative to its location.
Appraise Your Own Home
Lastly, you can try to make an appraisal of your home. You can research about property values in your area and know the different factors that are being considered for appraising a home. This will minimize the likelihood of getting a highly devalued appraisal.