What is a home appraisal?

When you make the decision to buy or sell a home, there are a wide number of factors that need to be considered and things that need to be done before the process can be completed. One of these things is to obtain a home appraisal. An appraisal simply determines how much the home is worth. This is important information to know whether you are the buyer or the seller.

Why do I need a home appraisal?

Home appraisals are so important because, in many situations, you won’t be able to even get a home loan without one. Lenders and banks want to know what they will be able to sell the house for if the homeowner ends up not being able to make the payments and they end up with the property.

Factors considered in determining a home’s value

When a person who is going to sell their home gets an appraisal, it is important that they are aware of the factors that go into determining the worth. Note that just because you love the house and have years of memories and emotional ties to it, sentimental value doesn’t matter to an appraiser or a buyer.

Some of the factors that are considered in a home appraisal include the number of bedrooms and bathrooms, the age and condition of the home, the sale price of comparable homes in the neighborhood, square footage, the neighborhood itself, and amenities on the property.

If you have questions about obtaining a home appraisal, speak with an experienced real estate professional who can provide you with assistance.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.