Why is my landlord having my house appraised?

You’re probably scared if your landlord tells you someone is coming to appraise your home; you may think they are planning to sell or take you out because they are planning to do something new.

But the reality is that this is not the case in most cases. Even if they are appraising the place, it will probably be for some need of the landlord that has nothing to do with you. Remember, if the landlord plans to move you out, they must give you at least 90 days’ notice.

What does an appraiser do at my home?

An appraiser will evaluate your home to find out what condition it is in and if it is advisable to sell. All to determine what your home is worth. The landlord is looking for an appraiser to apply for a cash-out refinance to help him pay off all his debts or renovate the property.

It’s not a reason to panic, it will be a simple evaluation that won’t last more than 40 minutes, and they will probably interview you as the tenant. You will be asked how comfortable you are and the condition of your property.

The appraiser will interview the owner to provide as much detail about the property as possible to estimate the price. Once the estimated cost is known, the landlord may opt for a cash-out refinance to help pay off the property and ensure peace of mind for each tenant.

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Tips for doing better in the appraisal

Be aware that the landlord will always have to give you mandatory notice. You need to know that to keep you aware of what is happening on the property and let you know that a stranger will be entering your room.

But don’t be alarmed because it is the appraiser’s job, and he has authorization from the owner. Please remember that it belongs to the building as a whole. You should establish a good relationship with your landlord so that they can explain part of the process to you.

However, having your room clean and tidy will be enough if the room is in good condition. When the appraiser arrives, you should try to give the best opinion about the cleanliness of the surroundings.

What does an appraiser look for?

When an appraiser is at your home, you should enter your area and arrange with your landlord to give the best impression to the staff, who will carefully evaluate the property’s details.

An appraiser examines the home’s foundation, roofs, and the absence of cracks in the structure of your home. After that, they will make repairs to the appraised home.

An appraiser is interested in looking at the size of the area and the square footage because the larger it is, the higher the rate charged. The data collected by the appraiser considers the area’s location and cost of living. In turn, the job opportunities and how centrally located it is.

But do not undervalue their work because a good appraiser can charge between $400 to $2000. It might seem like a lot. However, a home appraisal is essential in seeking cash-out refinancing for your mortgage.

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Edymar

Writer and content creator interested in Entrepreneurship, Marketing, Jobs and landlord issues. I have a bachelor’s degree in Communication from the Andrés Bello Catholic University, VE, and I also studied at Chatham University, USA. In this blog I write and collect information of interest around agreements, property and mortgage.

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