Whether you are buying or selling a property, a real estate appraisal will likely be needed at some point. Residential property appraisals look at many factors to determine how much a property is worth in the current market. There are many situations in which a property appraisal can come in handy. Appraisals offer you valuable information about a property before a real estate transaction gets underway. Here are three things to know if you are about to get a real estate appraisal.
When To Get An Appraisal
The first thing to know about property appraisals is when to get one. What you may not know is that an appraisal comes in handy when you are buying or selling. If you are purchasing a home, your lender will require that you get an appraisal to ensure that you aren't paying more than a fair market value for the property. If you are selling, a property appraisal can help you determine what the best asking price for your home will be. Property appraisals also come in handy when borrowing on your home's equity and when appealing tax assessments.
How Long Do They Take
How long a real estate appraisal takes depends on the property's size and condition and other factors. A real estate appraiser will visit a property and inspect it in person and then research comparable properties to come up with the market value of your home. Most residential property appraisals will be ready within a few days to a few weeks. If the real estate market where you are is hot, it may take longer to get a property appraisal.
How Much Do They Cost
Another thing to know is how much a real estate appraisal costs. What you pay to have a property appraised depends mainly on the size and condition of the property. For example, an appraisal for a large property or one that's in poor shape will cost more. On average, a real estate appraisal will set you back between $300 and $450. However, costs can be higher depending on where you are located.
There are a few things to know about getting a real estate appraisal. First, there are many situations in which a property appraisal comes in handy. Second, a real estate appraisal will take anywhere from just a few days to a few weeks, mainly depending on the local real estate market. Finally, you will usually pay a few hundred dollars for a property appraisal.