Home Appraisal for Buyers
Home appraisal is one of the most important steps to consider in buying a real estate property. It will help you with decision making, because a home purchase is the largest, single investment most people will ever make. Home appraisal is very essential especially for first time buyers.
When buying a new house, many people just expect that it will last. However, some newly built homes can easily have cracks in ceilings or sinking foundations because the land was developed too quickly. Having said that, problems like these, can’t be detected by the buyer alone. Therefore, in all cases of purchasing a home, regardless of age, using home appraisals is highly recommended.
Generally, the lender does the hiring or uses their own in-house appraiser. They often compare their findings and gather details about all the aspects of the property, like the lot area, floor area, site, highest and best use, features and condition of the property.
As a buyer, you are allowed to hire your own appraiser. It may be expensive to have a home appraised, but it might cost you a fortune if you opt to skip the procedure. Home appraisal is something that buyer should not take for granted. Some may think it’s an easy job, which they can just do by themselves. It is important to remember that purchasing a house requires a big amount of money. This is not the time to gamble or to take some risks. Of course, you can do a little homework like making your own research, but don’t put all your savings at stake. You probably have an opinion of the value of the home you want to purchase. Your opinion and a professional appraiser's opinion may be the same, but a professional appraiser has been trained in appraisal methodology and considers many factors such as price trends and proximity to a freeway, complies with professional standards, and usually completes a written report.Home appraisal in this way, will feed you with important information that you should know about the property.
I will definitely have my future home appraised. Tying to be “miss know it all” is not an option. I’ll leave it to the experts. It’s a process that every new home must undergo. I don’t mind paying extra if that will make me a happy camper in the end.
To sum it all up, having a home appraised before purchasing it is a very smart thing to do. Who would want to compromise a life changing decision anyway?