Frequently Asked Questions About Home Appraisals 

For both residential homeowners and prospective buyers, knowing the basics of a home appraisal is important. At Allstate Appraisal, we specialize in residential appraisals in Illinois and Indiana. Consider the answers to some of the frequently asked questions we hear about home appraisals, and call us directly to learn more about your home appraisal specifics—

What Is a Home Appraisal?

A home appraisal is a professional assessment of the real property value of a home. It is conducted by a trained appraiser who uses accepted industry standards to determine the value. Home appraisals are conducted by neutral parties. 

When Do I Need a Home Appraisal?

You may need a home appraisal if:

• You are buying a home—if you are seeking a mortgage, your lender will surely require a home appraisal
• You are refinancing—again, your lender will likely require this
• You are selling your home and want to get an understanding of the value of your home before you list it for sale
• You’re seeking a home equity loan or another type of loan—knowing the value of your home will be essential
• You’re appealing a property tax assessment that you disagree with—if you think your property tax assessment is too high, then a home appraisal could help you fight back

Who Pays for a Home Appraisal?

Who pays for a home appraisal depends on the situation. In most cases, if you are a homeowner and you are ordering a home appraisal for a loan, property tax assessment, or because you want to know the value of your home, you will pay for it. The only exception to this is in the event of a real estate purchase, in which case it is typically the buyer’s responsibility to pay for the home appraisal. 

What Data Is Used to Determine a Home’s Appraisal Value?

Various different data points are considered when determining a home’s value. Data your home appraiser will consider includes:

• Home age
• Location
• Upgrades/remodels
• Size
• Comparative value 
• Lot size
• Style
• Appliances and fixtures
• More

What’s an Appraisal vs. Assessment?

An appraisal is an official method of valuing a home. The results of an appraisal can be used to purchase a home (secure a mortgage), secure a loan, refinance, and more. An assessment is an estimate of the home’s value that is done by the city or county where you live and is used to determine property taxes. 

Call Allstate Appraisal Today

If you have questions about home appraisals and what it’s like to work with Allstate Appraisal, call our office directly. You can reach us by phone or online at your convenience to get started.