It’s not always easy to tell when it’s time for a home evaluation. Sometimes the signs are obvious, while other times they can be more subtle. If you’re wondering whether or not you should get your home evaluated, here are 10 signs that it might be time.
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What is a Home Evaluation?
A home evaluation is an assessment of your property by a professional appraiser. The appraiser will look at things like the condition of your home, its location, and any recent improvements you’ve made. They’ll also compare your home to similar properties in the area to come up with an estimated value. Having said that when should you be considering a home evaluation? Let’s go ahead and see some of the signs you may need one.
1. You’re Thinking of Selling
If you’re even considering selling your home, then it’s a good idea to get an evaluation. That way, you’ll know how much your home is worth and can price it accordingly. This is key in order to maximize your house sale and reap the benefits of all the individual and unique features that give value to your home.
2. You Haven’t Had One in a While
Even if you’re not planning on selling, it’s a good idea to get your home evaluated every few years. That way, you’ll have a good idea of how much it’s worth in case you ever need to sell unexpectedly. If you aren’t sure where to start, we recommend contacting Joe Battaglia Real Estate. With nearly 3 decades of experience they specialize in providing home evaluations that account for all internal and external factors that can influence the value of your home. All of their home evaluations include:
- Market Analysis
- Confidentiality
- No Cost
- No Obligation
All in all, if its been a while, theres no excuse for you not to at least see what your home is worth today.
3. You’re Making Improvements
If you’re thinking about making any major improvements to your home, it’s a good idea to get an evaluation first. That way, you can see how much the value of your home will increase after the improvements are made.
4. You’re Refinancing
If you’re refinancing your home, the lender will usually require an evaluation. That way, they can be sure they’re lending you the right amount of money.
5. You Have an unusual Property
If your property is very large or very small, or if it has any unusual features, it may be difficult to estimate its value without an evaluation.
6. You Live in a rapidly changing Market
If you live in an area where home prices are changing quickly, it’s a good idea to get your home evaluated more frequently. That way, you can be sure you’re not over- or under-priced.
7. You’re considering a Reverse Mortgage
If you’re considering a reverse mortgage, the lender will require an evaluation of your home. This is to make sure that you have enough equity in your home to qualify for the loan.
8. You’re Having Financial difficulties
If you’re having financial difficulties and are considering selling your home, it’s a good idea to get an evaluation. That way, you’ll know how much equity you have in your home and can make informed decisions about your finances.
9. You’re Getting Divorced
If you’re going through a divorce, you’ll need to get an evaluation of your home so that the property can be divided equitably.
10. You Inherited a Property
If you’ve inherited a property, you may want to get it evaluated so that you can decide what to do with it. Whether you’re planning on selling, renting, or keeping the property, an evaluation will give you a good idea of its value.
These are just a few of the signs that you should consider a home evaluation. If you’re ever unsure, it’s always best to consult with a professional appraiser to get their opinion.
