A home valuation is a service you can get by hiring an appraiser. The appraiser researches and evaluates your home to determine its current value during this service. People may need home valuations for various reasons, but most people usually need them for one of the following three reasons.
1. You Want to Find Out Its Value Before Selling
Some people order home valuations to find out their home values before selling. For example, maybe you are considering selling your house but want to make sure you can earn a good profit from it. To find out, you could hire a home appraiser to provide you with details about your home's value. You might also decide to get an appraisal before selling to have proof of why you set the asking price that you selected for your home sale. In any case, finding out your home's current value before selling can be a smart move.
2. You Want to Sell Your House
If you list your home for sale and find a buyer, the buyer will order a home valuation report. A buyer must find out a home's value before closing on the property if they have a lender involved in the deal. The lender requires an appraisal to make sure the home is worth the amount the buyer is paying. If you sell your house to a cash buyer, they might not get the home appraised because they will not have a lender telling them to find out the value.
3. You Want to Refinance Your Home Loan
You will also need a home valuation if you decide to refinance your home loan or request a home equity loan. Lenders always require appraisals for refinances or home equity loans for the same reason they require them when offering other loans to people. They need to know the value of a home before they can approve a home equity loan or refinance loan, so you should expect this requirement if you are pursuing either of these options.
If you want to do any of these things, you might need a home valuation. When you decide to get one, you can contact a local appraiser to learn more. The appraiser can give you details about home valuations, including the costs, and can schedule one for your house. You can learn more about home valuations by talking to a local real estate agent or visiting a real estate agent's website, such as ScottGHarrison.com.