Reasons to Get an Appraisal

Property appraisals are necessary for many different reasons, beyond securing a loan for a property you are buying. Determining a realistic value of the property for the loan company to finance it confidently is important, but this isn’t the only reason you might want to have a professional evaluation of the value of your home.

● Estate Planning: Having an appraisal done can assist the estate attorney in creating a plan to maximize tax benefits and determine the worth of the property for inheritance purposes.

● Land Purchase: A land purchase is an important decision. Having an experienced appraiser perform your land appraisal can help you make the right decision.

Refinancing: Many lenders require a reassessment of your property’s value before approving a refinance.

Home Equity: A lender will want an appraisal done when you seek a home equity loan to protect themselves by ensuring they are not lending you more than the property is worth.

PMI Removal: In order to remove PMI, you need to show that you have at least 20% equity in your home. This can either be done by paying down the loan, or getting an appraisal to show the current value of the property.

Personal Evaluation for Determining Net Worth: Part of establishing an accurate picture of your net worth includes determining your property’s value vs what you owe via an appraisal.

Insurance Re-valuation: If you feel your property value has increased (or decreased) significantly, it is important to have an appraisal to ensure you are insured for the right amount.

Divorce: An appraisal of property owned by one or both divorcing partners will need to be done as a part of a divorce property settlement.