When Should You Hire a Home Appraiser
You may need to hire a home appraiser to set up your estate for inheritance, qualify for insurance, lower property taxes, or help you determine future improvements to your home. But what does an appraiser really do, and what should you look for?
What is a Home Appraisal?
A home appraisal is an impartial appraisal of the value of a property at a specific point in time by a licensed appraiser. A home appraisal will determine the value of your property based on condition, square footage, number of rooms, amenities (such as a pool), and recent sales of similar properties in the neighborhood. According to Investopedia , the appraiser must conduct a complete visual inspection of the interior and exterior and note all conditions that negatively affect the value of the property, including necessary repairs.
How much should it cost?
Typically, the cost of an appraiser for a single-family home will range from $ 300 to $ 450 according to the bank rate , although this can vary based on factors such as the size of the home, the value of the existing property, where you live, and the level of detail. grade. Larger homes will usually cost more, ranging from $ 500 to $ 800 or more. However, expect to pay more for an appraisal of a home with extensive damage because it will require additional effort on the part of the appraiser.
What to look for in an appraiser?
They must be licensed. The Appraisal Institute, an association of professional real estate appraisers, has a viewer tool here . Find appraisers who work in your state as they tend to be more familiar with the real estate in the area where you live. If you ever need to verify your appraiser’s license, you can do so using this list of state-by-state agencies here .
You will also want to ask potential evaluators about their experience, preferably over several years. If they don’t have this experience, you can try to use this as leverage when they give you a quote for their expenses.
However, before you agree to an offer and set a date for an appraisal, consider setting aside enough time to clean and tidy up your home. Realtor.com recommends minor repairs or touch- ups that make your home look worse than it actually is (such as a working toilet or walls that can be painted with fresh paint). Don’t overdo it – a few hundred dollars can go a long way.