When you think of a home appraisal, you might consider the time you bought or sold a house and needed to find a fair price. However, there are many other times in which this assessment could come in handy. Instead of crossing a home appraisal off your to-do list, keep it in the back of your mind for the following situations.

3 Little-Known Reasons to Get a Home Appraisal

1. Refinancing

As a home ages, it’s value changes—whether it deteriorated over time or became more valuable after your improvements and renovations. Therefore, you may want to refinance the mortgage down the line. To come up with a fair and accurate new payment amount, the mortgage lender will need to conduct a home appraisal. If the house has depreciated, it will be hard to find a new replacement loan. If the home became more valuable, you might make some money.

2. Appealing a Tax Assessment

While there are countless benefits to owning a property, one of the drawbacks is having to pay taxes. Luckily, a home appraisal is an excellent way to ensure you’re not overpaying. If you believe your property tax bill is higher than it should be, you have the right to appeal the assessment. If the state allows, you can even schedule a home appraisal on your own and submit the results.

3. Applying for a Loan

When looking to borrow from lenders, the value of the home is an essential figure. For example, home equity loans, which are supplementary to a mortgage, are based on the equity left when you subtract your remaining mortgage value from the home’s current appraisal. If you can show that the home hasn’t depreciated, you will be more likely to secure this loan. You may also use a home appraisal as collateral when applying for a cash or business loan.

If you could put a home appraisal to use, get in touch with Brooks Valuation of Louisville, CO. You can save time and money by taking advantage of their online ordering system, as well an automatic repairing and electronic delivery of the results. They will meticulously consider the current market, comparable properties, and the size and condition of your property to come to a fair assessment. To learn more about their skills, visit their website. Call them at (303) 456-8922 to speak with a representative.