The Importance of a Home Appraisal19 Dec Team ATX Life Admin
Home appraisals are essential when looking to buy a home in Austin, but also if you are looking to sell, considering a refinance, or contesting those dreaded property taxes. There are many reasons you want to hire a home appraiser. Some you may not have considered.
Selling Your Home
Your REALTOR® will suggest an appraisal to determine better what the property should be listed at. The assessment will not only help you stay in line with what other properties in your area are selling for but can also help you keep the list price reasonable in comparison. A professional appraiser will factor in improvements or updates made to the property than can have an impact on the valuation. Items that can be considered as improvements include added square footage or a swimming pool. Items less likely to impact the value may consist of a new paint job to the interior or updated landscaping. Your REALTOR® will then compare the appraiser’s report to the comps and determine the best list price for your property.
Buying a Home
Once you’ve decided to buy a home in Austin, your REALTOR® will inform you of the current market conditions and how it will affect your purchase. An appraisal of the property helps to ensure you are making a fair offer and that you are not overpaying. An appraisal can also bring to light those maintenance surprises that a seller may not have disclosed. You can then make a fair and educated decision in regards to making an offer. Keep in mind that a freshly updated or well-staged property can still have an issue you may need to consider in your purchase.
Lenders Use Appraisals
You and your REALTOR® aren’t the only ones that rely on a professional appraisal. To gain an understanding of the property’s true value, banks and lenders also use an appraisal to help them determine the amount of money they are willing to loan you. This can also play well to your benefit to ensure you are not spending more on a property than you can afford.
Appraisals are a Good Thing
The appraisal process can be overwhelming and a little confusing if you don’t have a REALTOR® helping you. Understand that an appraisal is here for your benefit. Although appraisers won’t typically answer questions during the process, they know what they are looking for, and their report will reflect their findings. Keep in mind that appraisers are not qualified to offer buying or selling advice. They are strictly available to determine a property’s value.
Have Appraisal Questions?
Reach out to your REALTOR® at ATX Life Realty with any appraisal questions you may have. We are experienced in working with appraisers and offering advice when it comes to buying or selling a home in Austin. Give us a call at 512-586-7270 today. Let’s discuss your options.