*The Angi rating for Property Appraisal companies in West Long Branch, NJ is a rating based on verified reviews from our community of homeowners who have used these pros to meet their Property Appraisal needs.
*The HomeAdvisor rating for Property Appraisal companies in West Long Branch, NJ is a rating based on verified reviews from our community of homeowners who have used these pros to meet their Property Appraisal needs.
Last update on November 30, 2023
An appraisal is an opinion of value, so anything that is expected to boost your home value is likely to work in your favor when it comes to the appraisal. Things like improving your curb appeal, painting, refinishing floors, and taking care of minor repairs are all good investments prior to ordering an appraisal. Itβs also a good idea to clear out any clutter and complete a deep clean beforehand to show your property in the best light possible.
Appraisals arenβt required by law to complete a real estate transaction, but itβs unlikely that a lender will allow a buyer to close on a property without an appraisal, so, effectively, they are usually required. Your mortgage lender uses the property as collateral for your loan, and the appraisal is what the lender will base the mortgage on to confirm the value is there to justify their investment.
The average cost of a property appraisal is around $355, but different appraisers in your area could charge anywhere from $250 to $500. Appraisals for larger properties will often cost more, as will valuations for older properties. Appraisers will use homes in the surrounding area to help determine a valuation as well, so if your home doesnβt conform to the neighborhood standards, the valuation will require more work and will likely cost more.
A licensed appraiser is the only individual that can carry out a property appraisal. You should always check to ensure an appraiser youβre considering has the proper licensing from your state. Additionally, since an appraisal is meant to be an unbiased opinion of a propertyβs value, you should confirm that the appraiser doesnβt have ties to any other party in the sale of the property.
Anyone can hire a property appraiser to confirm the inherent value of a property, but the buyer or buyerβs lender will usually choose the appraiser and pay the individual for their opinion. Itβs also not uncommon for the sellerβs side in a real estate transaction to hire an appraiser in order to justify an asking price or negotiate a higher selling price.