When Do You Need a Home Appraisal?

Home appraisals serve various purposes beyond just buying or selling. Here are the common situations when you might need one.

Buying a Home

Lenders require appraisals to ensure the property is worth the loan amount. This protects both the buyer and the lender.

Refinancing

When refinancing your mortgage, lenders need a current value to determine your loan-to-value ratio and available equity.

Selling Your Home

While not always required, getting an appraisal before listing can help you price your home accurately.

Estate Planning

Appraisals are often needed for:

Divorce Proceedings

A professional appraisal provides an unbiased value for equitable property division.

Property Tax Appeals

If you believe your property tax assessment is too high, an appraisal can support your appeal.

Insurance Purposes

Ensure you have adequate coverage by knowing your home's current replacement value.

Home Equity Loans

Lenders need to know your home's value to determine how much equity you can borrow against.