A home appraisal is a process by which a real estate appraiser determines the fair market value of a home. You can assure yourself and your lender that the price you have agreed to pay for a home is fair. Appraisals are also often used to determine property taxes, making them a requirement in most counties. A home appraisal is essentially an assessment of the value of your home.
The primary criteria your appraiser considers are the location of your home, size (including square footage, bedrooms, bathrooms, and lot size), its condition (including the quality of the structure inside and out, appliances, and any potential deterioration), and any features you offer or don't have (such as central air, washer and dryer, elevator or doorman). A home appraisal is a common type of home valuation in which a real estate appraiser determines the fair market value of a home. A home appraisal provides an unbiased view of the estimated value of a property when compared to recently sold homes in the same area.