3 Reasons Why a Home Appraisal is Needed
A home appraisal tells you what your home is worth. It can be beneficial to have this detail for a number of reasons. An “official” appraisal will be done in person and a certificate will be provided to you. By scheduling a home appraisal Suffolk VA residents can learn more about their home.
You’re Selling Your Home
If you plan on selling your home, it is a good idea to get a home appraisal done. This will ensure that you know how much your home is actually worth. It will make it easier to create an asking price that is fair within the marketplace. Plus, you can share the appraisal certificate with potential home buyers so that they are aware of the actual worth.
You’re Getting a Loan
If you are getting any kind of loan from the bank, they may ask for a recent home appraisal. Particularly if you are asking for a significant amount of money, they may ask for some form of collateral. The equity that you have within your house can be established based on how much you owe on your mortgage versus what your home is being appraised at. Often, home appraisals are valid for one year from the time that you get them.
If you’re refinancing your mortgage, lenders will often ask for a home appraisal to be done first. The reason for this is to ensure that the home is valued for more than what the new mortgage is going to be. If you’re upside down in your home, you may not have the ability to refinance.
An appraisal is a relatively simple process where an appraiser comes out to your home. They’ll identify how many square feet your home is, confirm some details, and even review the age of certain aspects of your home. From there, you can get the appraisal you need.