Home Appraisal Basics
Whether you’re trying to sell your home or in the market to buy a home, it is important that you understand the basics of home appraisals. If you’re a home buyer, this process will help ensure you aren’t paying too much for a property. If you’re selling your home, it’s important that you understand how you home is being valued. Home Key Title in Westborough has some basic information to help you prepare for a home appraisal.
What is It?
A home appraisal is usually ordered by your lender in order to get an accurate value of the home you’re interested in. The appraiser should be a third party professional who can give an unbiased assessment of the home’s value. The appraiser will analyze the interior and exterior of your home and take into account various factors to determine the home’s value. This process will help ensure you don’t overpay for a property. Remember that a home appraisal is something completely different than a home inspection. It’s important that both are carried out before deciding to purchase a home.
What Factors Are Taken Into Account?
As the appraiser makes their way through the home, they will look at and attach a value to various factors. The main factors they will take into account are the size of the home, the number of bedrooms, the number of bathrooms and the amenities included. They will also inspect the condition of your home inside and out, taking into account issues that need to be repaired. A comparison of your home to other homes sold in the area will also help an appraiser determine the final value placed on the home.
Title Insurance in Westborough
If the appraisal went well and you’re interested in making a purchase, make sure you take care of the title insurance. Home Key Title in Westborough is here to assist you through the process of acquiring title insurance in Westborough. Give us a call at (508) 475-5502 for more information.