Services Rik Feijen 22 september 2021

What is an appraisal for your house?

Do you want to buy a house and do you want to know what your current home could be worth? If you want to know what your house is worth and you search the internet for how you can determine that, you usually come across two terms: valuation and appraisal. It is often difficult to distinguish between an appraisal and a value appraisal and when you should choose one or the other. If you want to know what an appraisal for a house is exactly, what the difference is with an appraisal and in which situation you should have a free appraisal carried out, you can read that in the article below.

What exactly is an appraisal of your house?

If you own a house and are planning to buy a new one, it is useful to know what your current home is worth. It gives you an indication in which price range you can look for your new home. You can use the amount to make a selection of the houses that are offered on Funda or comparable websites and give it to your purchase agent as a guideline. The nice thing about an appraisal of your home is that you can usually have this done for free by your estate agent. Based on an inspection of your home, the location where the home is situated and the value of comparable homes that have recently been sold, the estate agent will then make a calculation that results in an appraisal of your home. The valuation is actually an advice for the asking price of your current home.

What is an appraisal of your home?

An appraisal also involves determining the value of your current home. This also creates confusion, because why is an appraisal different? And why do you have to pay for an appraisal and usually not for an appraisal of your home? An appraisal can be done by an ordinary broker, but an appraisal must be carried out by a recognised broker-appraiser. Also with an appraisal, an inspection of the house and the location is first done, and similar houses that have been sold recently are compared. Based on this investigation, the appraiser draws up a report in which the current market value and WOZ value of your home is recorded.

This appraisal report is an official document that you need, for example, if you want to take out a mortgage or insurance for your home. When you are going to sell your house, you are obliged to have an appraisal carried out and to have an valuation report drawn up. In addition, an appraisal report can also be used to determine what your assets are in case of divorce, for example. Because drawing up an appraisal report is a lot more work and results in a more extensive document that is legally valid, you usually have to pay between €450 and €500 for an appraisal.

In which situations do you have your house appraised?

Why you want to know how much your house is worth determines whether you should have an appraisal carried out or opt for an appraisal. The big difference between an appraisal and a value appraisal is that you cannot derive any rights from an appraisal of your house. You can with an appraisal report. If you are going to sell your house or apply for a mortgage, then you must have an appraisal carried out and an valuation report drawn up. When applying for a mortgage, the valuation report is used as collateral by the mortgage provider. You cannot use a value appraisal for this purpose, but you do need a legally validated valuation report.

As a rule of thumb, if you only need an indication of the value of your house, for instance to determine the price range in which you are going to look for a house, then an appraisal of your house is sufficient. If you want to have an appraisal of your house carried out, you can contact Easie real estate agents. You can get a free appraisal of your house from Easie estate agents.

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