Why should you consider a professional real estate appraisal?

Simple, it will provide you with an unbiased, thorough and professional opinion of what your home is worth.

In a nutshell, a real estate appraisal is a monetary valuation of a home or property.  A real estate appraisal can be an evaluation to determine the fair market value of the property for home financing, or what the home should sell for on an open market.

There are also real estate appraisals to determine a property’s tax-assessed value, which determines how much property tax the homeowner must pay annually as well as appraisals used during divorce proceedings, employee relocations and to help settle estates.

All real estate appraisals are not created equally.

Appraisals can be formal, performed by a professional real estate appraiser, or informal appraisals most often performed by a real estate agent. While a real estate agent may provide a real estate appraisal in the hope of attaining a listing, a professional real estate appraiser has no other motive beyond ensuring that a homeowner or lender is aware of a property’s true market value. Real estate agents are experts at marketing and selling homes. A professional, accredited real estate appraiser is an expert at accurately determining a home’s true market value.

If you are buying or refinancing a property, most lenders and mortgage guarantors will require the services of a professionally accredited appraiser like the members of the Carty Gwilym team of professional real estate appraisers.

A real estate appraisal is not the same as a home inspection. A home inspection specifically outlines the condition of most aspects of the property–structure, utilities, grounds, sidewalks–and usually outlines what needs to be repaired. It does not, however, determine a monetary value for the property, as does a home or real estate appraisal.

A professional real estate appraisal report should include:

• An explanation of how the professionally designated appraiser determined the value of the property.

• A description of the size and condition of the house and other permanent fixtures, along with a description of any improvements that have been made and the materials used.

• Objective and knowledgeable  statements regarding serious structural problems that may be present, such as wet basements and cracked foundations.

• Notes supported by reliable information about the surrounding area, such as new or established development, rural acreage, and so on.

• An evaluation, backed by credible data of recent market trends of the area that may affect the value of the home or property.

• A comparative market analysis, again backed by reliable and accurate data that supports the real estate appraisal.

• Maps of the area, recent interior and exterior photographs of the home and (if needed) sketches.