Frequently Asked Questions

In general, an appraisal provides an unbiased estimate of your property's market value, which is essential for buying, selling, refinancing, or settling an estate.

An appraisal is beneficial when:

• Purchasing a home
• Selling a property
• Applying for a loan
• Refinancing a property
• Valuing potential home improvements
• Insurance rates and coverage
• Divorce settlement
• Estate liquidation
• Settling an estate upon death
• Appealing property tax values

Whether you’re buying a home with a mortgage or paying cash, enlisting a licensed or certified appraiser for an independent valuation has become an essential step in any real estate transaction. This approach ensures that you’re not overpaying. An appraisal can either give you confidence that you’re getting a fair price or serve as a basis for renegotiating if the value comes in lower than expected.

If you’re looking to access the equity in your home—whether to consolidate debt, cover college tuition, or take that dream vacation—you’ll likely need a new loan, which usually requires a property appraisal. It’s best to consult with your lender, as they can provide guidance on the specific valuation requirements.

Private Mortgage Insurance (PMI) is additional insurance that many lenders require homebuyers to obtain when the loan amount exceeds 80% of the home's value. Once the remaining loan balance falls below this 80% threshold, PMI is no longer needed. An appraiser can provide a home value statement for a modest fee, and the cost of this appraisal is often recouped within a few months of eliminating PMI payments.

Divorce can be a challenging experience for everyone involved, and one of the most difficult questions often is: "Who gets the house?" Ordering an appraisal can help both parties understand the true market value of the property. If the decision is to sell, it provides a clear basis for setting an appropriate price. If one party chooses to buy out the other, both will feel confident that the valuation is fair.

The loss of a loved one is an incredibly difficult time, and settling an estate often requires an appraisal to determine the Fair Market Value of the residential property. An appraiser can provide valuable assistance, as understanding the true value of the estate is typically the first step in ensuring a fair distribution.

Do you think your property’s county assessment is too high? A valuation from a state-certified appraiser can help you determine if you’re overpaying on your real estate taxes. If you choose to file a tax appeal, a professional appraisal report is often necessary. Keep in mind that while appraisers are experts in property valuation, they are not tax or legal professionals, so it’s wise to consult with a qualified expert about real estate tax laws in your county.

Whether for personal enjoyment or before selling, many homeowners wonder if investing in house updates will increase the value of their property. While many improvements can affect your home's value, not all changes have the same impact, and often, the cost doesn't equate to the value added. For instance, remodeling the bathrooms might enhance the home’s appeal, but may not increase its value to justify the expense. Consulting a valuation expert before starting any projects can help you maximize your return on investment and be sure you allocate your money wisely.

Whatever your life circumstances, an appraisal will provide essential information to ensure you’re making an educated decision with your finances.

With decades of experience, Elevate Appraisal and its Coop partners are trustworthy professionals who will support your appraisal needs! Contact us today to get started. (link to contact page)

Elevate Appraisal and our team are experienced, trustworthy professionals ready to assist with an appraisal. One of our area appraisers would be honored to learn more about your situation and provide you with the resources you need. Reach out today to get started!