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Buying a home for the first time can be one of the most exciting times of your life. You get to step out of renting and into home ownership. However, there are a lot of things that you need to consider when it comes to owning a home. Appraisal reports can be quite confusing for many individuals. There are a lot of fine details included on these reports that many people don't understand. To help you know what to look for in your appraisal report, check to see if the following information is included and accurate.
Size of Your Home
Make sure the square footage of your home is accurately represented on the report. If the square footage isn't accurate, it could end up making your appraisal less than others of comparable size in the area. If you aren't sure whether the amount calculated is accurate, you can always go through and try to determine the square footage of each room and add it all together. While this might take you a little while longer, it can give you the peace of mind you need in knowing that your estimate is accurate.
Recent Sales in the Area
Another key factor in determining market value is the price of any recent sales in the surrounding area. Houses in your neighborhood are looked at to determine what the going rates are for houses of similar size and stature. Make sure the recent sales are included, especially when they are close in size to your home. You don't want the larger houses left out and the smaller houses included when your home is 1,500 to 2,000 square feet.
If the only comps used are for smaller homes that are older than yours, it could end up reducing the total market value for your home. You don't want to lose money on the appraisal value, especially when it isn't justified. Browsing through the age, location and size of the other properties used in determining the estimated value will help put an end to your worries and make sure you got the compensation you deserved.
While appraisal reports might seem a little confusing at first, a professional management company, like SettlementOne, can spend some time going through everything with you to make sure you are both on the same page. Accuracy is more important than ever, which is why you need someone you can trust to verify report information.
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