Reasons to Get a Home Appraisal Even If You’re Not Selling Your Home
Most people know that they will need a residential property valuation (appraisal) when they buy or sell a home. After all, a home buyer wants to know how much a house is worth when purchasing it, and their lender also needs to know. But there are also other reasons to get appraisals. So, what are these reasons? Here is a guide to help you learn the other reasons you might get a residential property valuation of your home.
Filing for bankruptcy
When someone files for bankruptcy while owning a home, the court might require an assessment of the home's value. For example, when filing for Chapter 7, the court needs to know how much equity the person has in their home. Equity is often the determining factor of whether they can keep their home when filing for Chapter 7. However, if the person files for Chapter 13, the court might need to know the value to decide if they should strip the second lien on the home. Therefore, bankruptcy is a common reason people hire appraisers.
The second reason people might get a home appraisal is for a divorce case. Suppose you and your spouse want to get divorced and own a home together. You would need to learn the home's value when splitting the assets, and you can learn this by getting a residential property valuation.
Settling an estate
People also need property valuation services when settling estates. For example, if you inherit a home that you must split with several other family members, you'll need to know its value.
Fighting property tax assessments
People will also hire appraisers when they feel they're paying too much for property taxes. If you think your property taxes are too high, you can look at the property valuation the court is using to determine your taxes. If the amount is too high, you can fight it through an appraisal. The court will accept the appraisal when reconsidering your rates. The result might be lower property tax bills.
Hire an appraiser to learn more about your property value
You might need an appraisal for one of these reasons or another reason. If you decide to find out how much your house is worth, you can contact an appraiser to hire for a residential real estate valuation. Appraisers know the market and can give you an accurate estimate of your home's value.