Buying a home is a major decision, so it’s important to have all the information before moving forward with the transaction. A home buyer appraisal offers you an impartial assessment of a property’s value, which is essential for negotiating the price, obtaining financing, and understand the long-term value of your investment. It can provide the clarity you need.
Here are a few key things you should know about home buyer appraisals:
- They are not the same thing as a home inspection. Home buyer appraisals and home inspections are similar, but they have distinct purposes. Where a home inspection focuses on the condition of the property, including the roof, electrical, plumbing, and HVAC, a home buyer appraisal is concerned with the property’s value only.
- Lenders often require them. A home buyer appraisal is required for you to obtain financing because your lender needs to ensure they are not lending you more than the home is worth. That way, if you default your lender can sell the home and recoup their investment. It minimizes their risk.
- Value is determined by a variety of factors. Appraisers look for many things when evaluating a property. The square footage, number of bedrooms and bathrooms, lot size, age, and renovations or upgrades are taken into consideration. They also compare the property to similar homes recently sold nearby to establish a baseline value.
At C and J Appraisal Company, LLC, we can provide impartial, independent home buyer appraisals in the Triad. Contact us to learn more or schedule your appraisal.