When it comes to property values in any given neighborhood, it’s important to establish from the start what a fair asking price is for a given home. It’s not unheard of for homeowners to do some wishful thinking on their parts and price their homes well above market value due to a personal attachment. One way to establish how much a given property is worth in 2016 is to hire a professional to perform a home appraisal. This piece of paper can come in handy in a variety of instances, some of which we’ll outline below.
Fair Divorce Settlement
A divorce can be traumatic for all parties involved but as part of the divorce settlement, all assets must be equally split between the spouses. Usually, the court won’t require one party to buy another party’s equal share of the property. On the other hand, the property is usually sold to give both parties an equal split of the money received. In cases such as this, getting a professional home appraisal can ensure that both parties are treated fairly during the divorce settlement.
Fair Resale Value
It’s not enough to assume that your property is worth a certain amount of money based on comps in your neighborhood. Remember, buyers aren’t going to purchase your home if it’s priced above fair market value. An appraisal removes the uncertainty involved with pricing and allows you to list your home for what it’s actually worth in this economy. You want to make sure you receive the best appraisal services when seeking the value of your property.
Apart from putting a stop to high pricing, an appraisal can also ensure you don’t price your home too low. It will certainly sell faster if you’re asking below market value, but you’ll be receiving less money for your efforts.
Gauge Importance Of Home Improvement Projects
We’ve all heard that home improvement projects can add value to a home, but are the costs of the renovation justified when you look to sell? Getting an appraisal on your property allows you to establish its worth as it stands right now and consider whether or not your next home improvement project will take it to the next price level. Just because something improves cosmetic appeal, doesn’t mean that your home is worth twice as much as when you first started.
Proper Estate Liquidation
Losing a loved one can be a stressful and trying time for everyone. If you’ve inherited property from a family member and you’re looking to sell, it’s wise to get the home appraised. Since you’re most likely not familiar with the city or neighborhood, an appraisal can be insurance against getting ripped off. Even if you wish to get rid of the property quickly, an appraisal can lend a peace of mind.
You can always Google appraisers near you to see who is in your area and can provide you with great (and fast) services.
A property’s value is determined by a number of important factors such as demand, desirability, and the current economy. Whether you’re looking to sell, maintain or renovate, a home appraisal can benefit you. Make sure to get appraisals on a regular basis as doing so gives you a better idea of current market values.