Do you Know the Value of your Future Home?

[Ralph DiBugnara]

Many real estate deals do not close without an appraisal. This is mostly true for first-time homebuyers who select an FHA loan. An appraisal is when an accredited professional assesses the value of a home based on specific criteria. Either you're buying or selling, knowing the true value of a home will help you determine whether the home has the potential for value increase or not. In turn, this will help you negotiate and find better deals.

Here is some of what an appraiser will look for when determining the value of a home:

-Improvements

Has the house been recently renovated? What's the curb appeal?

-Condition

How old is the roof? At what stage of depreciation are the key, structural elements of the house?

-Comparable homes:

What price are homes around the area selling for?

Bonus Tip:

Speak with a local, experienced realtor to help you do a Comparable Market Analysis.