Should I Get a Real Estate Appraisal?
Have you been wondering how much your home is worth? Maybe you’re planning on selling your home, or perhaps you’re hoping to make an offer on a new home. In fact, a property appraisal is typically mandatory if you’re in the process of getting a mortgage loan. Either way, getting a real estate property appraisal is a great way to figure out the value of a home! So how will you know when to get a real estate appraisal?
If you would like to get a professional property appraisal for your home in Maryland, Virginia, or Washington, DC, the experts at Coakley Realty can help! Call us today at 301-340-8700 or fill out a contact form!
What Does a Property Appraisal Do?
Property appraisals are a vital component when considering real estate transactions. Here are some occasions that may require an appraisal:
- Selling your home. By getting a professional appraisal, you will be able to come up with an accurate listing price as you prepare to sell your home. An appraiser will look at the neighboring properties that feature similar sizing and conditions and then add or subtract value based on your home’s features.
- Buying a home. A mortgage company will only loan you up to the amount the home is worth (determined by an appraisal). Because of this, it’s crucial that you get a professional appraisal done.
- Refinancing. Not unlike buying a home, a lender will ask that you get a property appraisal if you plan to refinance your home. This is recommended because the lender will want to ensure that the property’s collateral value justifies the refinanced loan amount for which you are asking.
- Applying for a home equity loan. Has it been several years since your last appraisal? It may be smart to have the property appraised—especially if you are trying to get a home equity loan. If the value of your home has increased, then it is also possible that your equity in the home has increased in value.
- Filing a real estate tax appeal. Every three years in Maryland, property tax assessments are completed—in Washington, DC and Virginia, these assessments are done annually. A real estate appraisal can help determine whether or not the initial assessment of your home was either over or undervalued, which could assist you in filing a real estate tax appeal.
To get a professional and accurate property appraisal, call the experts at Coakley Realty.
Schedule a Real Estate Property Appraisal in Maryland, Virginia, or Washington, DC
If you think it’s time to get a real estate property appraisal for your home in the Montgomery County area, the professionals at Coakley Realty can help! Whether you’re a homeowner looking to sell your home or a potential buyer, our expert staff can make your home appraisal process quick and easy.