Key Elements of an Appraisal

Whether buying or selling a home or evaluating the ongoing costs of ownership, an appraisal – a third party opinion – is very important to ascertain the value of the property. RealtyBizNews highlights these key factors:

• Valuation is calculated based on a home’s size, location, condition, and features.
• Appraisals should be current. Many lenders will not accept an appraisal report that is more than 60-90 days old.
• Make sure that recent remodels, upgrades, and repairs are not overlooked.
• Make sure the house is de-cluttered and tidy before the appraiser arrives.