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Home Appraisal

Understanding a Home Appraisal

A home appraisal determines the value of the property by estimating the market value of the land and building. The home appraisal information compares the features of the home being appraised against the features of similar homes that have sold in the same area.

The home appraisal may uncover any deficiencies within the property that may impact the lender’s ability to recoup their investment in case of a mortgage default. Taking the time to get a home appraisal will ensure you get what you pay for.

Most mortgage applications require that an accredited professional appraise the property to determine its value. The approximate cost of a home appraisal ranges from $250 to $350.


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