What is an Appraisal?

You can’t avoid an appraisal when you are purchasing a Hoboken home since it is usually a requirement. Generally, the buyer’s lender will require an appraisal to approve the financing of the buyer.

If you have a good understanding a several basic facts about appraisals you will be a few steps ahead of the game. Following you will find a few things to keep in mind:

An Appraisal Protects Lenders

When it’s all said and done the appraiser works for the buyer’s lender, not the buyer or seller. The purpose of an appraisal is to provide a professional opinion of the value of a home so the buyer’s lender knows that the loan amount is correct for the value of the home.

An Appraisal is Truly an Opinion

A valuation of a home is an opinion based on the appraiser’s comparison of the “subject property” to other similar properties in the local Hoboken area that were recently sold. The other properties are comparables otherwise known as “comps.” A variety of factors will be taken into consideration such as the size of a home, the number of bedrooms and bathrooms when putting together a list of comps.

Is a Clean Home Worth More?

Sellers always want to make improvements to their home to get a higher appraised value. Many times major home improvements will increase a home’s value, but small repairs or what is considered “staging” a home doesn’t increase the value of the property.

For more great reasons to buy a Hoboken home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event. With low mortgage rates now available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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