Home Appraisal Information for La Jolla Homebuyers & Homeowners
If you are thinking about selling or purchasing a home in La Jolla, one of the most important topics you will need to become familiar with is home appraisals. Don't know anything about home appraisals? Don't worry. La Jolla Blue Book offers a short and summarized guide of what to expect with the appraisal process in La Jolla.What is the Purpose of a Home Appraisal?
A home appraisal lets you know how valuable your home is. Home buyers are required to have the home they are thinking of purchasing appraised in order for the lender to approve their mortgage loan. Current homeowners should have their homes appraised every three years if they want to refinance the mortgage loan on their home.How Much Does an Appraisal Cost?
The cost to have a home appraised varies on the size and value of the property, the region where the home is located, the type of appraisal report requested and the effort required to complete the appraisal report. The average rates are usually between $350 and $600. Homeowners looking to refinance their home loan can have an updated appraisal done to an existing report for under $275.How Long Does an Appraisal Take?
The length of the appraisal can be as short as 15 minutes or as long as several hours. The appraiser will write-up the report at their office in relation to what they saw at the home. A short report can take a couple hours to complete whereas a long report can take weeks or even months to write up.What Does the Appraisal Process Involve?
The appraisal process is an orderly and concise method of reaching an estimate of value. The process has six major steps which include: definition of the problem, preliminary survey and appraisal plan, data collection and analysis, application of the three approaches to value, reconciliations of value indications, final estimate of defined value.What do Home Appraisers Look For?
- The size of your home. Appraisers will also take into consideration the number of rooms, especially bedrooms and bathrooms, your home has.
- The condition of the exterior of the home. Appraisers will examine the condition of the foundation, siding and roof of your home and note any damage.
- The condition of the interior of the home. The appraiser will look at the materials used and for the walls, flooring, windows and doors and note their condition. Appraisers will also observe the condition of your home's lighting fixtures, kitchen appliances and plumbing system.
- Extra Features. Appraisers will look for extra features in your home such as air conditioning, fireplaces, security systems, or smoke detectors that will add value to your home. Some outdoor features that appraisers will take into consideration include swimming pools, garages and gazebos.
- Improvements. Any improvements you made to the home will also be noted by the appraiser. Improvements to the kitchen and bathrooms will greatly improve your home's value. Other improvements that can add value to your home include installing a new stove, oven, bathtub or sinks.
- Cleaning the house before the appraiser comes.
- Perform minor repairs.
- Keep pets locked up.
What Can I do to Increase the Value of My Home's Value?
Whether you're looking to buy a home on La Jolla or planning to refinance on your current home loan, contact a knowledgeable La Jolla real estate agent who will get you in touch with a certified home appraiser.