Reasons to get a home appraisal in New York
By: Michael Daniels
Tags: Budget, Nyc Living

New York City brings home appraisal to a whole new level. Essentially, it is due to a large variety of factors influencing the property value across the city. To get through this complex process with ease, you should get familiar with the basics. What is a home appraisal, what are the reasons to get one, who should conduct it, can you influence it, and how? Here are the answers.

What is a home appraisal and why you need it?

An unbiased estimate of your home’s true market value is called a home appraisal. This is the ideal case, of course, because the closest an estimation can get to the true value is by presenting you with the fair market worth of the property. A home appraisal is a requirement, nevertheless, and lenders rely on it during the mortgage loan process.

Get a home appraisal in New York so that you can determine the realistic price

There is no other way they can make certain that the property can cover your requested loan. Hence, the majority of reasons to get a home evaluation stem from the need to get a loan, which is when you are:

● refinancing your home

● planning to purchase a house

● requesting cash, home equity or business loan

Alternatively, you will require a home estimate if you disagree with the tax assessment. While this is not the only step in the appeal process, it is a necessary one.

A home estimate is an important asset if you are about to sell your home, as it provides valuable insight for potential future owners.

You are selling your current home

If you’re a first-time home seller in New York and wonder what the house selling involves, note that one of the first steps is the property appraisal. It gives the homeowners a sense of their property worth before they list it. An objective estimate, that takes all factors into account, leads to a quick sale as it provides a fair asking price.

Learn what the house selling involves

You are refinancing your house

You may decide to refinance your mortgage because your home value has increased since you bought it. Also, you can even get a cash-back if you have built your home equity during that time. The lender will need proof that your home value has risen, to account for the new mortgage. On the other hand, refinancing your home may prove difficult if the appraisal shows that the price of your home has dropped.

You are buying a home

When it comes to the purchase of your new home, and especially considering the cost of that endeavor, it is logical that lenders need assurance before they approve your mortgage. Note that a home appraisal doesn’t protect only lenders, but borrowers, too. It prevents home-buyers from spending too much on overpriced real estate.

Furthermore, if you’re about to buy and move to a new home, you should ask licensed professionals for help. It is also vital to ask local experts to assist you, starting with an NYC appraiser, local real estate agent, and top it up with local movers such as Manhattan Movers NYC. Hiring local professionals is important as no one else knows the neighborhood better, in their respective industries.

You are applying for cash, home equity, or business loan

If your home is offered as collateral for cash or business loan, a home estimate is in order. This is also the case for home equity loans. In essence, an equity loan is a second mortgage. Such loans are commonly used to cover large expenses like medical bills or house repairs.

You are appealing the tax assessment

Your property tax may be too high and doesn’t correspond to the true market value of your home. This is a situation when you should order an appraisal and prove your home’s market value. However, before you request a home estimate, get in touch with the local authorities and inquire about the conditions surrounding the appeal. This is important not only because the appeal process varies from state to state, but also because authorities may not allow you to present an estimate conducted by your selected appraiser.

Who should you call for a home appraisal?

Home appraisals are regularly conducted by licensed professionals. Appraisers are highly trained and experienced in determining fair home value. The more familiar they are with the market and the location, the better for the borrower. Rules regulating appraisers’ work are strict and are meant to assure the clients’ peace of mind. When it comes to appraising, you really need to play it safe — there are many fake ones just like there are fraudulent moving companies you should avoid.

Licensed appraisers in New York are not only educated but also rigorously tested before they got certified. Certified General Appraisers are top-class appraisers you should seek in complicated situations, as they are backed up with 300 hours of qualifying education and 3,000 hours of field experience in no less than 30 months, among other things.

What appraisers look at and what can you do to improve your home’s value?

This is perhaps the most important matter that troubles people who need a home value estimate. Some may fall into the trap of spending too much on home improvements they believe will raise their home value but turn out to be ineffectual when it comes to a home appraisal. Any changes that do not improve the physical condition of the home are, thus, futile. Key characteristics that appraisers focus on include the square footage of your home, its age, and the number of bedrooms and bathrooms. Other very important factors include the location of the home and the view it offers (which is why Brooklyn is one of the hottest places at the moment), especially in a city such as New York where the distance from certain amenities and a floor in a high-rise building make a huge difference.

To get the most from a home appraisal, you should fix any structural issues and permanent parts of the house. This involves cracks in the walls, old doors or windows, damage caused by water, pests, or wear and tear. Improve your curb appeal, fix the leaking roof, and update the electrical system and other installations. It is important to know that the actual age is not as important as the perceived age of your home. Finally, make sure you list all improvements that you have made over time and show it to the appraiser.