An appraisal of a home is a monetary valuation of a property. An appraisal can be done to determine the fair market value of your home, or what your home should sell for on the open market. Appraisals can also be conducted for tax purposes, such as determining a propertyâ€™s tax-assessed value, which determines how much property tax the home owner must pay annually. If you plan on buying or refinancing a property, most lenders such as the FHA and VA will require the services of a professional appraiser. As a side note, it is important to recognize the distinction between appraisals and a home inspection. A home inspection specifically outlines the general condition of the propertyâ€™s structure, utilities, and grounds. A home inspection usually outlines
When you first set out to find the home of your dreams, like most people, you may start out by searching for homes online. Once you have found the home of your dreams, and you have identified the price of this home, you may think that this cost will be the only cost associated with the purchase. However, this is never the case as there are many fees that are associate with buying a home or owing real estate. This blog post will attempt to help you understand the breakdown of fees that are associate with the purchase of real estate.
Â When purchasing a home there are generally three types of fees associated with the transaction. These costs are as follows: Fees associated with the purchase, fees associated with the mortgage, and fees that the title