Part of the home buying process involves getting a home appraisal. An appraisal sets a fair market value for a home or property so that a bank can lend the proper amount for the mortgage loan. An appraisal is carried out by a qualified appraiser that takes into consideration a home’s age and condition and it’s unique features, and then compares it to the value of local homes that are similar.
The home appraisal process can last a few hours. During this time, the appraiser will examine and measure the home’s dimensions, evaluating the condition of the home inside and out. They are looking for the home to be well maintained, and will write down anything that appears to be neglected or broken. They will most likely take pictures and notes as a part of the process. Remember that the yard, and the curb appeal can affect the appraisal of a home as well.