6 Reasons You Need a Home Appraisal (Besides Buying or Refinancing)
When most people think of a home appraisal, they associate it with buying a new house or refinancing a mortgage. However, there are many other situations where a professional home appraisal is necessary or beneficial. As a certified real estate appraiser in Columbia, Lexington or the surrounding areas, I’ve handled a wide variety of appraisals beyond purchases and refinances. Here are six key reasons you might need a home appraisal.
1. Divorce Settlement: Determining Fair Market Value
During a divorce, dividing assets like a home can be complex. An accurate, unbiased appraisal is often required to determine the fair market value of the property. This ensures that both parties receive an equitable distribution of the home’s worth, helping avoid disputes.
2. Estate Planning or Probate: Valuing Property for Inheritance
When a homeowner passes away, an appraisal is often needed to determine the value of the property for estate planning or probate proceedings. An accurate home valuation helps avoid conflicts among heirs and ensures compliance with tax laws.
3. Tax Assessment Appeal: Challenging High Property Taxes
If you believe your property taxes are too high, you can appeal the assessment. A professional home appraisal provides the evidence you need to show that your home’s value is lower than the tax assessor’s estimate, which could potentially lower your tax bill.
4. Pre-Listing Appraisal: Pricing Your Home Competitively
Before listing your home for sale, getting a pre-listing appraisal helps ensure you price it correctly. This gives potential buyers confidence and increases the likelihood of a smooth transaction, reducing the risk of your home sitting on the market for too long.
5. Insurance Purposes: Ensuring Adequate Coverage
If you’re updating your homeowners' insurance policy or filing a claim, an appraisal might be required to assess the current value of your home. This ensures you have the right coverage and can be compensated fairly in case of damage or loss.
6. Private Sale or Buyout: Establishing Fair Market Value
In cases where a home is being sold privately, without involving a lender, an appraisal can ensure both the buyer and seller understand the true market value. Additionally, if one partner in a shared property wants to buy out the other, an appraisal helps establish the proper buyout amount.
Conclusion
Appraisals are necessary in many situations beyond purchasing or refinancing a home. Whether you're navigating a divorce, settling an estate, or preparing to list your home, having an accurate and unbiased valuation is crucial. Need a professional home appraisal in South Carolina? We serve Richland, Lexington, Kershaw, Calhoun, Newberry and Fairfield counties. Contact Premier Real Estate Services, LLC today to schedule your appraisal and receive an expert, accurate assessment.