George K.
Have you been thinking of selling your home? If so, there are plenty of details to consider.
You’ll need to make those pesky repairs you’ve been putting off, hire an experienced real estate agent, and get your home appraised.
If you’re a bit confused about what happens during a home appraisal, you’ve come to the right place for answers. This article takes a look at the home appraisal process, including how much it will cost and how long it will take.
Keep reading to get the inside scoop on everything you should expect and things you’ll need to do when preparing for an appraisal.
What is an Appraisal?
The first thing we should discuss here is exactly what a home appraisal is and why you need one.
Basically, an appraisal is a process for determining the market value of your house. There’s no getting around this process if the buyer needs a loan to make the purchase. After all, the bank will need to know the value of the home for determining the amount of money they’re willing to put toward the purchase price.
How Much Does it Cost?
Next, let’s look at the cost of a typical appraisal. You can expect to pay between $300 to $400, depending on the area where you live.
It’s important to understand that the buyer is responsible for covering the cost of the assessment, and the fee will be sent by the lending institution, not by the appraiser.
What Appraisers Look For
Now let’s discuss the nuts and bolt of what appraisers look for during the assessment process.
The external factors include the age and location of the home, the overall condition of the structure, the quality of construction, the condition of the roof and foundation, the amount of parking space, and the quality of the neighborhood.
They will also consider a list of internal factors. These include the square footage of the house, the functional layout, whatever utilities are included, appliances, structural integrity, code compliance, as well as health and safety accouterments.
How to Prepare for an Appraisal
When preparing for your home appraisal, be sure to clean the living space from top to bottom. You’ll also need to tidy up the yard and get your landscaping looking emasculate. It’s also a good idea to give the exterior a fresh coat of paint. And on the day of the appraisal, secure your pets so that they won’t get in the way.
Here are more tips for how to prepare for a home appraisal.
How Long Will it Take?
Most home appraisals take a little time in order to be thorough. It really depends on the size of your home and property, but you should expect it to take at least an hour or two.
Should You Stay or Go?
During the appraisal, you aren’t required to leave the property. In fact, it’s a good idea to hang around in case the appraiser has any questions.
What to Expect Afterward
You should expect it to take about 10 days to get the results. The report will range from 10 to 100 pages, and will generally contain information about comparable properties in the area.
A Homeowner’s Guide to What Happens During a Home Appraisal
Selling a house can be exciting yet stressful. Fortunately, this guide to what happens during a home appraisal will help the process go as smoothly as possible.
Read more: What Happens if Appraisal is Lower than Offer
