< Back to Blog

Why Do I Need A Home Appraisal: Get The Facts

July 1, 2016 6:34 pm

Levine Homes Real Estate clients sometimes ask us, “Why do I need a home appraisal?” Having an appraisal performed is an excellent way to add confidence to any statement of value regarding a property. An appraisal is often part of the buying or selling of a home, but what exactly is this value and how can it help you?

Appraisals Contain Valuable Financial Information

An appraisal is a formal statement regarding the value of a home or property. This information is obtained by, first, having a thorough inspection of the home or property completed, and, second, by a comparing the appraised property with the value of relevant nearby properties. Homeowners should know the appraised value of their home before mortgaging, refinancing, or selling. Homebuyers should ask about appraisals to ensure that the stated value is an accurate reflection of the home’s current condition, not the condition it was in five years ago, or the potential it holds after repairs are completed.

Home appraisals are valuable for other reasons, too. For instance, if you work from home then the value of your home office can be declared on your taxes; knowing the exact value of your office’s square footage is important for tax purposes. The value of your home may also have an impact on your property taxes. Clearly, there are numerous important reasons to have an accurate and up-to-date home appraisal.

Do I Need an Appraisal?

An appraisal can be conducted for any of the above reasons. In some cases, this is a necessary step and sometimes it is optional, though recommended. People wondering how to get a home appraisal can speak with a real estate agency about recommended appraisers; these professionals can also be located online.

Making the Most of an Appraisal

Homeowners can positively affect the appraised value of their home by making an effort to clean and prepare the entire property as thoroughly as possible. A tidy, well-tended yard is more desirable than a messy overgrown one; therefore it will be given a higher value. Updated amenities and features also positively influence an appraisal. A visit from a professional housecleaner or a property management service can help you prepare for this important appointment.

Consider investing in a few improvements, if possible. These can include:

Fresh paint

Updated plumbing fixtures

New countertop and cabinets

Updated lighting solutions

Smart home technology

Even a minimal investment in updating the appearance of a home’s interior or exterior can have a profound effect on the property’s appraised value.

Where to Go for More Information

To learn more about the appraisal process and how it differs from processes such as home inspection, refer to your Levine Homes Real Estate agent. We can tell you more about this important statement and how it can affect your property.

More from the blog

Hermosa Beach Manhattan beach

The California Escrow Process Maybe you’re reading this because you’ve just made an offer on your dream home in the South Bay. If so, congrats! Or perhaps you’re thinking of selling your place and want to know more about how... View Article

Do New Construction Homes Come with a Warranty? Despite Covid 19, the Real Estate Market is stable and new construction is booming. There are new homes popping up all over Hermosa Beach and Manhattan Beach. One question that seems to... View Article

The Agency Disclosure Explained Buying a home is an exciting time, but without the right help it can be a stressful and scary time as well. That’s usually where real estate agents come in to help. With lots of qualified... View Article

When moving to a new city, finding the right home is paramount, but another one of the most important factors for families is the schools. Parents want to know; which Hermosa Beach school will our children attend? Are they good... View Article