Buying your first home is a big deal! For many people, this purchase is a culmination of years spent saving for a down payment and any associated costs. As a first-time buyer, you may not have realized that there are many steps to buying a home.
One of the steps that you need to take when you finally find your dream home is to have it appraised. The purpose of having an appraisal done is to make certain that you are not paying too much for the home.
What does an appraisal entail?
During an appraisal, the home and property will be assessed for issues. They will inspect every room in the house, the exterior and the lot that the house sits on. They’ll also take many pictures.
This is done in order for them to accurately complete the Uniform Residential Appraisal Report. This report will contain the following information:
- The measurements of each room
- The measurements of the lot
- The home’s structural integrity
- The quality of the materials used to build the house
- The conditions of the walls, floors, and ceilings
- The square footage of the house
- The heating and cooling systems
- Any appliances that are included with the sale
- The location and local school system
- Recent repairs and renovations
Upon completion, the appraiser will run a comparison of your property and other properties in the surrounding area. They are checking for the property values of homes that are similar in size, age, and condition to yours. This allows them to deliver a fair final appraisal value. Once the appraisal is done, the appraiser will send it to your lender for approval.
If you have questions about the appraisal and home-buying process, seek legal assistance to have your questions answered.