Residential Appraisal

If you’re looking to buy or sell a house, real estate appraisals are a powerful tool in your arsenal for ensuring that the sale goes ahead smoothly, and that the entire process will be as straightforward and painless as possible. Buying and selling residential property can be a stressful procedure – there’s a lot to think about, a lot of wheels in motion, and if you can do anything to reduce the chance of things going wrong, surely that’s the prudent thing to do? At Miami Property Appraisals, we offer our appraisal services to anybody concerned with a residential property – and we’re sure you’ll be glad you placed your faith in our services once the transaction is complete.

What Constitutes a House Appraisal?

Home appraisal procedures aren’t always totally uniform, but they generally follow the same guiding principals which make them reliable for all the other interested parties too (financial institutions like banks and mortgage lenders, for example). Most residential property appraisal reports will include assessment of the subject property in comparison with other sites, an evaluation of the overall real estate market in the area, assessment of potentially damaging aspects of the subject property, and a wider description of the neighborhood – and these are just a few of the different factors involved.

Different Approaches

Although these factors are almost always considered, there are still generally two different approaches to residential property appraisal – the ‘sales comparison method’, and the ‘cost method’. The sales comparison approach sees the appraiser estimating the subject property’s market value through comparisons with similar properties that have sold in the area. The cost approach – typically more useful with new constructions – is more concerned with estimations of the costs to build, with particular attention paid to the potential cost of replacing the structure if it were destroyed. Both approaches are useful in different circumstances, and we’re well-versed in delivering both processes.

Keeping Score

If you’re selling your property, it might not feel easy to put a specific price on your house. It’s likely you’ve lived at this site for years, and the amount of sentiment and emotion you feel towards the property is probably going to skew your perspectives on what it might be worth. Hiring real estate appraisal companies ensures that you get an accurate picture of what the realistic value of the property is, and this lends significant credibility to your case with the other parties involved in the sale. We understand that the memories you have of your property are valuable, but the other entities involved won’t be interested in those – and we provide plain facts.

Oiling the Wheels

A significant advantage of using a property appraiser if you’re concerned with the sale of a house is that you are far more likely to get an accurate price. If the price on the home is too high, you’ll turn off potential buyers who might otherwise have presented a reasonable offer. If it’s too low, you’re probably hurting your wallet by failing to get a fair price. With a property appraisal intervention, both parties win by getting a fair price and a speedy sale process.