Reasons to Get an Appraisal
- Settle an Estate
When a loved one passes it can be very challenging to wrap up all of their final affairs, and in many cases, the largest asset of the estate is real property. Regardless of if the real estate owned is a single family residence, or if there is a portfolio of investment properties, an accurate value is essential. Often there may even be a need for several values for each property including the value as of the date of death and a current value. A certified appraisal professional with experience in succession is the only way to ensure an accurate value.
2. Possibly Save on Taxes
Of course nobody wants to pay more when it comes to taxes. Hiring an appraisal expert will help you determine the real value. Appraisals are the best tool to be equipped with when appealing a property tax assessment.
3. Divorce
The end of a marriage or relationship is typically mired in disagreements about how to dissolve the joint ownership of any assets acquired as a couple. An appraiser acts as an impartial outside opinion to establish the value of any real property that will need to be divided. The appraiser does not represent or advocate for either party in the dispute. We have found in our experience that the cost of the appraisal can even be split between the parties to avoid each person having to pay for their own appraisal. We often work hand in hand with attorneys for both sides.
4. Proper Insurance Coverage
Many of us have learned after a natural disaster, like Hurricane Katrina, that our insurance coverage was not in line with the current value of our home. There is no worse time to find out that your coverage is insufficient. A certified appraiser is the market expert that can help you have peace of mind that you have properly protected yourself and your family.
5. Reach your Investment Goals
An appraisal can help you evaluate a potential investment property and provide you with current market value as well as estimated rental income. An appraiser can give you peace of mind whether you are determining what to offer for a property, considering buying with cash, or even re-evaluating a current investment property.
6. For Sale By Owner
If you are considering putting your property up for sale by owner, a current appraisal can be your most valuable tool. You never get a second chance to make a first impression, and in today’s very competitive real estate market overpricing, as well as underpricing, can drive buyers away from your property. Knowing the market value of your property can help you price it competitively in your market, and the appraisal can also be used during negotiations once you have an offer. A certified appraiser will also measure your home, making sure that you know the exact square footage as well as offer guidance and answer questions regarding living area vs. non-living area.