When the time comes to sell or buy a house or commercial site, you want to know it’s market worth to get the best deal. This is when a professionally prepared real estate appraisal can make all of the difference. If you’re new to property transactions, here are answers to some of the most frequently asked questions about these important reports.
FAQ About Real Estate Appraisals
What is a real estate appraisal?
The appraisal is a comprehensive report that includes information on a home or office building’s market value. Appraisers look at features, such as room square footage and the costs of comparable properties in the area. The report also examines how the real estate market is performing in a given community, such as how many homes were sold over a certain time frame.
Why do I need one?
The main reason for getting a real estate appraisal is so you’ll have a good idea of the proposed sale or purchase price. If you plan to finance a home or commercial building, most mortgage lenders require the report. Since they are providing the loan, lenders want to know the property is a sound financial investment. Real estate appraisals are also needed when it’s time to pay property taxes. The appraisal helps county officials determine how much the property’s owner should be paying.
How is it different from a home inspection?
A home inspection takes a thorough look at the property’s overall condition. This typically includes an inspection of the electrical wiring, plumbing, and heating and cooling systems. Other items, such as the roof and property’s foundation, are also examined. The inspection report determines if repairs are needed and if there any safety or health issues. Buyers will generally make the necessary fixes before putting the home or commercial site on the market.
What is in the final appraisal report?
The final report will include information on the size and condition of the property in question. Both the interior and exterior structures are examined, including basements, attics, and pools. The appraisal also contains detailed data on home prices, sizes, and structures in the area. Other information listed in the report includes neighborhood features, such as retail shops, schools, and public transportation routes.
Before buying or selling a home or commercial building, you’ll want to know its market value. Having a comprehensive real estate appraisal can help improve the sale and negotiation process. For more than 25 years, South Eastern Appraisal in Somerset, KY, has been the area’s trusted resource for detailed reports. The general certified appraisers have extensive experience and certifications to conduct appraisals on a wide range of properties. If you need a report prepared, call (606) 679-7339, or visit their website to learn more about their services.