Why Get an Appraisal?

Common Reasons for a Property Appraisal

🏠 Buying a Home

When purchasing a home, your lender requires an appraisal to ensure the property is worth the amount being financed. An independent appraisal protects both you and the lender from overpaying.

💰 Refinancing Your Mortgage

If you're refinancing your mortgage to get a better rate or access your home's equity, an appraisal determines your property's current market value. This helps establish your loan-to-value ratio and the terms of your new loan.

📉 Removing Private Mortgage Insurance (PMI)

If your home has increased in value since you purchased it, an appraisal can prove you have at least 20% equity allowing you to eliminate costly PMI payments from your monthly mortgage.

⚖️ Estate Planning & Trusts

When settling an estate or establishing a trust, an accurate property valuation is essential for fair distribution of assets and tax reporting purposes.

💔 Divorce Proceedings

During a divorce, an independent appraisal provides an unbiased opinion of your property's value to ensure equitable division of marital assets.

🏛️ Property Tax Appeals

If you believe your property tax assessment is too high, a professional appraisal can provide evidence to support an appeal and potentially lower your tax burden.

🏗️ Home Equity Line of Credit (HELOC)

When applying for a HELOC, your lender needs to know how much equity you have in your home. An appraisal establishes the current value and determines how much you can borrow.

📋 Pre-Listing Appraisal

Before listing your home for sale, an appraisal helps you set a realistic asking price based on current market conditions and comparable sales not guesswork.