Princeton Town Topics – Let’s Talk Real Estate – September 19, 2018
THE HOME APPRAISAL: WHAT YOU NEED TO KNOW
The home appraisal is done by a licensed and independent party to determine the fair market value of your home. There are several components the Appraiser uses to determine value including:
- Current market trends
- Location and type of house
- Recent sales of comparable homes in the area
- Condition of the home
- Improvements made
You may be asking, “How do I prepare for the Appraisers visit?”
It is a good idea to have home tidy. Be sure that all equipment in the home is in working order. Create a list of home improvements that you have done to your home. The Appraiser may ask for dates and cost of improvements; be sure that information is included on the list. Most importantly, make sure your Realtor provides the Appraiser with the current comps. Appraisals cost between $300-$500 and are typically paid for by the buyer.