Home Appraisal Tips

You may be thinking of moving on from your present home or may be thinking of a refinance to buy another one. But then, how would you determine the price you would want for your property? This is when a home appraisal or your real estate appraisal would come in handy. On the other hand, if you are thinking of a refinance, an appraisal of your home would give you an exact idea of the amount you are eligible for getting another loan. We give you some tips, which, if followed, would assure you the best possible value.

If you are thinking of a refinance, the lender would usually use the services of an appraiser that they prefer. However, on the other hand, if you want to sell your home, you can opt to choose an independent appraiser.

During the appraisal, an inspection of your home would be conducted. This would include a visual examination of your house and the condition of the bedrooms, bathrooms, kitchen, etc. The appraiser would provide an estimated value of your house, which is based on two factors. The first factor is the cost required to construct a similar house and the second element that he would consider is comparing other houses in your locality which have been recently sold.

Getting the House Ready for Appraisal

Make the House Shipshape
One of the most important home appraisal tips is to make your house appealing, you can do this by improving its exterior. The outdoor surroundings of your home should look attractive, with green grass and not dead brown one. Make sure not to leave gardening tools like lawn mowers lying around, besides keeping the plants trimmed. It’s good to have landscaped garden with ponds, gardens, etc., provided they are maintained well. Ensure that not only the overall surroundings of the house looks great, but the exterior walls are also well painted.

Clean the Interiors
A day or two before the appraiser comes, make sure that you clean the walls, kitchen, and bathroom. The most challenging part is managing the clutter. If you don’t want your house to look small and unappealing, make sure that clutter is managed properly. Even if, you are planning to take away all the furniture, it may still look dirty. Moreover, random things here and there are bound to affect the appraiser. More the space your house seems to have, more the chances of its higher valuation.

Renovate Your House
Renovation would require some money. Buyers are attracted towards renovated houses, thereby increasing the value of your house. The most important rooms which should be renovated are the kitchen and bathrooms. Try replacing the cabinetry of the kitchen, as it takes much of the wall space thereby, affecting the kitchen style. Even though the other parts of the kitchen are up-to-date, but if the cabinets are old, it would reduce your home’s value. On the other hand, the bathroom should look spacious and there should be enough storage space. If there is enough space, try to include double sinks, as they are very popular. If the floors are old, update them or else the appraiser may be put off and it may affect the valuation.

Color and Decor
Always keep in mind that buyers picture themselves living in the home they are going to buy. So, put efforts in making the house look as big as possible. The walls and floors should seem as if, they are well maintained. You need to make sure that the colors are warm and inviting, which would ensure a better deal for you. It’s affordable and easy to replace paint, so make it a point to do it before you show your house to your prospective buyers, or the bank agent if you are looking for a refinance. The decor of your house will also effect the value of your home. It may seem troublesome as you may be moving your furniture and other belongings out, but then if the buyer sees the home dirty and things scattered here and there, he is bound to have a negative impression. So make sure that your house looks spacious, large, and tidy.

Repairs
If there are any problem areas make sure you fix them. Not only would the appearance of the house be effected, but it would have an impact on the price as well. For example, if there is a leakage make sure that you fix it. You give a negative impression to potential buyers and home inspection professional by not fixing problem areas and it may get in the way of you getting a good value. If you don’t fix things, your chance of asking for a better deal would get effected.

The bottom line of home appraisal for refinancing or for selling your house is to make sure that your house is in the best possible condition. It should not only be inviting, open, and clean, it should also look as big as possible. If you keep these things in mind, the asking price would definitely increase by a great extent. On the other hand, if you are the one who wants to buy a house, don’t overlook these points mentioned above.

How to Become a Real Estate Appraiser

Real estate appraisers are professionals who use their expertise in assessing real estate, and determining its value by employing specific conditions and measuring standards. They are people who were and currently are in great demand due to their unique skills and expertise in the real estate field. Insurance firms, federal agencies, tax assessment companies, real estate agents and firms, lawyers, museums and private collectors are some of the entities, who require the services of these experts.

Appraisers may even provide other services to their clients, such as home buying, home selling, real estate negotiations, etc. Due to the many requirements that lead to property appraisals, appraisers have the option of specializing in diverse fields. If you are planning to become a real estate appraiser, you need to possess a basic understanding of how the real estate and property business works, and what are the various operational aspects.

Types of Real Estate Appraisers

Appraisers are responsible for assessing not only residential property, but also commercial and agricultural holdings. Some people hire or take assistance from a personal property appraiser to evaluate the value of their vehicles, art, jewelry, antique furniture and collections.

The services of business appraisers are utilized in order to assess and determine the value of businesses, and all its assets which most importantly comprises its brand name. A professional from the real estate appraisal field ought to be a good communicator and possess high analytical thinking qualities. He should be capable of drafting concise and lucid reports for his clients.

Becoming a Real Estate Appraiser

As in any other profession, there are certain steps for becoming an appraiser. Licensing is required in most of the cases, particularly for the appraisal to be formally recognized as legal and valid by the federal government or any financial institution. Getting the related certification requires a certain number of hours to be spent in classroom training at a real estate appraisal school, and the capability to get through the real estate exam successfully.

In the USA, prospective appraisers are at least required to possess a bachelor’s degree to be considered eligible for this profession. However, it is possible to become an appraiser even without possessing a bachelor’s degree, provided tantamount college credit hours have been obtained.

There is no particular requirement for the field of study, however, those who plan to take up this as a career option mostly choose subjects like economics, business or finance. These subjects are somehow related to the field of real estate, and serve as a good background that will help in precisely determining market valuations for property.

The needed classroom time may depend upon the state and region of residency. In some states, there is a possibility of deputizing the need of classroom time for an equivalent correspondence or online degree programs. However, the course needs to be recognized by the ‘board in charge’ of certifying real estate appraisers in a particular area.

The course generally includes topics on real estate law, local federal aspects, related ethics, and some other factors regarding the real estate industry. After the completion of the course, the next step is taking the appraisal exam. Generally, taking the exam is easier for individuals who have gained significant knowledge in the course.

The exam is normally held at particular times in a year, or may be administered on demand, depending on the state. If you need more information regarding the exam and other requirements, you need to inquire with the regional real estate licensing board.

After the completion of all requirements, you need to complete the paperwork which includes an application form. In some cases, you would also be required to pass through a criminal background check. While dealing with paperwork, ensure that you include all information regarding test results, real estate course certificate, and other related documents.

The earnings of real estate appraisers largely depend upon the clients, expertise, experience, specialty, market reputation, and the level of professionalism. The annual earnings may range from $30,000 to even $300,000.