5 Reasons To Get A Home Appraisal - Even If You're Not Buying/Selling A Home

When people hear "home appraisal," they often think of buying or selling a house. However, there are numerous other occasions when obtaining an appraisal of your home can not only be beneficial, but essential.

 

Here’s why you should consider getting a home appraisal even when you're not in the market to buy or sell.

 

1. Home Equity Can Open Financial Opportunities

As your home’s value increases over time, so does your equity in it. An appraisal can provide the accurate market value needed to support decisions regarding home equity loans or lines of credit. Whether you're funding a major renovation, paying for education, or starting a new business that needs a line of credit, understanding your home's equity can open up significant financial opportunities.

 

2. Home Improvement Planning

If you're planning significant improvements or renovations, a “subject to” appraisal can help you decide how much to invest. A “Subject To” appraisal is one in which the value is based on what a home will be worth after an improvement has been made.

For example:

• An investment property where a home is purchased, improvements are made, and then the property is resold. An appraiser can provide insights into which renovations might offer the best return on investment and increase your home’s market value, ensuring that you spend wisely.


• Homeowner wants to make home improvements but they want to ensure they are not “over improving” their home for the neighborhood. For example, a homeowner considering building a pool for $50,000 might want to know what the home is worth if it now has a pool. If the increased home value is only $20,000 more, the homeowner can now make an informed decision. Go forward with the pool? Scale back pool size? Eliminate extra features to keep the cost down?

 

3. Property Tax Assessments

If you suspect that your home’s assessed value is too high, potentially leading to higher property taxes, an appraisal might be in order. With an independent appraisal, you can potentially challenge and reduce your property tax burden. This is particularly valuable in regions where property values have recently fluctuated significantly.

 

4. Estate Planning and Settlement

For estate planning, an appraisal provides a clear documentation of your home’s value, which is essential for wills, trusts, and the fair distribution of assets. Sometimes referred to as a Date of Death Appraisal, this appraisal helps determine the market value at the date of the deceased's passing, which is necessary for tax purposes and equitable distribution.

 

5. Divorce or Legal Disputes

In situations like divorce or litigation, a home may need to be appraised to determine its value for division of assets. An accurate appraisal ensures that property settlements are based on current market data, providing a fair, unbiased baseline for negotiations.

 

Need An Appraisal In Phoenix AZ?

Beyond the obvious cases of buying and selling, appraisals can impact refinancing, tax disputes, estate settlements, and much more. Securing a professional appraisal provides not just peace of mind but a strategic advantage in managing one of your most significant assets.

No matter what you need - single family home, age restricted community. condo, golf property, exclusive estate or mobile home - there's nothing we can't handle in the Phoenix area including Scottsdale, Chandler, Gilbert, Mesa, San Tan Valley and surrounding areas.

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