When and why, you should have your home reappraised
Your home was appraised when you initially purchased it, but some things may have changed. Maybe you did a renovation, added a deck, replaced your roof, or upgraded your appliances? If so, it may be time to have your home’s value reappraised. And while your insurance is tied to replacement value, not market value, increasing materials costs mean home reappraisals are essential.
Not sure when, why, or how to get one? Learn the ins and outs so you’re informed at your home appraisal appointment. There’s really no set schedule when it comes to reappraisals. But if you fall into one of these categories, you should consider scheduling one soon:
When you have a mortgage. If your home is still under mortgage, you should consider a home appraisal every few years. The updated value will help with refinancing.
When you’ve done updates. Have you recently renovated? If so, it’s a good idea to do a home reappraisal. Your home’s value often increases following renovations. And to protect your investments, having an up-to-date appraisal and insurance coverage offers added protection and peace of mind.
When you’re taking out a loan or a home insurance policy. To get an accurate home insurance quote or financing for a loan, you’ll need to know your home’s current value.
When you’re ready to sell. Putting your home on the market? More often than not, getting a home reappraisal before listing is a requirement and can help your real estate agent determine an accurate list price.
How to get your home reappraised
Reappraisals often include an independent professional visiting your home for 30 minutes to an hour. They’ll look at the structure, renovations, upkeep, neighborhood, comparable home sales, and more. They’ll weigh this information with the current market to select a valuation. Because these are third-party individuals, you can trust their opinion is unbiased.
What to do before reappraisal
Before reappraisal, consider making small upkeep and maintenance projects a priority to increase the appraisal. Painting, trimming overgrown landscaping, power washing the exterior, fixing loose knobs and bulbs, and tidying up can make a difference and drastically improve the look and feel of your home. If you are ready to list your home, staging with updated furnishings and finishes may also increase the appraisal value.
If homeowners are unhappy with the valuation after appraisal or feel their home was undervalued, it’s possible to appeal with supporting evidence and rationale, or contract with another independent appraiser.
Curious if you have enough home insurance protection for your property? The experts at DPM Insurance Group are here to help. Click here find the office closest to you: https://dpmins.com/locations/
Source: Frankenmuth Insurance