Both buyers and sellers need an appraisal in order to help them establish a market value for the home that they are about to sell. Before a sale takes place, this would also be helpful in establishing any problems that may need to be fixed.
An appraisal is a professional opinion about the property, usually performed by an inspector who will examine all aspects of the property before making a conclusion. The neighborhood, location of the property relative to facilities such as shops and schools and other external factors will be taken into consideration in determining a market value for a home.
To establish whether there are any problems that must be factored into the market price or repaired before the sale takes place, an examination of the home will also be included in the appraisal. Such things would include structural damage, electrical or plumbing problems, leaks, and so on. Before making an offer, the buyer will of course want these problems to be fixed which is why these would often have to be repaired before selling the property.
Helping you establish an asking price as well as inform you of any repairs that may be required on the home before putting it on the market is an independent appraisal and this is important if you are considering selling your home. Many Realtors will offer an appraisal as part of their service, and they will be able to advise you on what repairs and maintenance are absolutely necessary in order to make the home more saleable. A Realtor will be able to advise you on what buyers moving into the area are looking for if he has experience in your neighborhood. Kitchens and bathrooms are the most likely areas to be changed by new owners, so you may not need to do much work in those areas.
If you are buying a home, you may want to hire an inspector to check out a property you are interested in before you make a formal offer. However, there are sellers and Realtors who are unscrupulous and would try to hide faults in a home and this will cost the buyer dearly when they move in and find that the problems is going to be expensive to repair. Most states have regulations regarding specific building codes that have to be followed, often relating to electricity compliance and other structural features.
Removing the element of surprise or shock is considered the value of appraisals when it comes to selling or buying a home. For sellers, knowing that their home is in good repair and will pass inspection by prospective buyers means that they can expect to get their asking price. For the buyers, they know that the home they are buying has been appraised and the money they are going to spend on it will be worth it. This avoids future problems and even legal hassles, allowing both seller and buyer to benefit.
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