Why would someone need a home appraisal?

Someone would need a home appraisal before refinancing or selling a home because it provides an objective, unbiased evaluation of the property’s market value. This information is essential for both the homeowner and potential buyers or lenders, as it helps to ensure that the property is priced accurately and fairly.

When refinancing a home, a homeowner may need to know the current value of their property to determine whether they have enough equity to refinance, and to negotiate favorable loan terms. A home appraisal can provide an accurate assessment of the property’s current value, which can be used to support the refinance application.

Similarly, when selling a home, an appraisal can help the homeowner to determine the best asking price, and can provide potential buyers with a reliable estimate of the property’s value. A home appraisal can also reveal any issues or defects with the property, which can be addressed before listing the property for sale.

Overall, hiring a home appraisal before refinancing or selling a home can help homeowners make informed decisions and ensure that they get the best possible value for their property.