Home buying is a different experience altogether. You get to know so much about so many things legally involved in the whole process. For example, when you apply for a home loan there is so much more than just bank underwriting a home loan and processing it for you. The banks have their own processes; for example to estimate the house value, conduct legal checks, etc. this is where the process of home appraisal comes into play. Now if you are wondering what is appraisal value of home and why is it even calculated, I got you covered. I will answer your question in detail here, so leave a like for me if this clears your doubts.
What is the appraisal estimate for my home?Okay, first things first. A home appraisal is a value which is inspected on the basis of the comparison with other recently sold properties in the area. It is an important factor for banks to consider before underwriting the home loan. This helps in determining how much money can be borrowed and what should be the terms around it.
How to find house appraised value?Although a professional appraiser is appointed to calculate the home appraisal value by the banks for whom the buyer has to pay the fee, there are a few things which should be considered to find house appraised value. These are:
Sales comparison with other properties in the area which were of similar age, configurations, conditions, etc.
Assess the cost it would take to rebuild a house with comparable features, modern technology and construction material. Then calculate the depreciation value to arrive at a fair price
You can assess the land value and value of the building separately to arrive at a total cost based on various factors.
Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What is appraisal value of home?
Raksha
376 Views
1
4 Year
2021-09-21T10:09:35+00:00 2021-09-21T10:19:15+00:00Comment
Share