Any owner can make the best of a Salt Lake City home evaluation. The best way to improve upon your investment without renovation is to understand the basics behind appraisal.

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Salt Lake City Home Evaluation

Most homeowners are unaware of the simplest way to raise the value of their home: a home appraisal. A well-prepared home appraisal can easily raise your net worth by thousands of dollars, without the added stress of costly renovations. Regardless of the reason for the appraisal: refinancing, first mortgages or home equity loans, a Salt Lake City home evaluation becomes an integral part of the process.

A home appraisal is an estimated market value of your home. The buyer, lender and seller often depend on the appraisal amount to determine listing and offering prices, although not exclusively. A Salt Lake City home evaluation arrives at an estimated value through a couple of important steps:

• The Sales Comparison Approach will find the value of your home according to neighborhood property values. The appraiser will take three homes that have recently sold in your area, similar to yours in size and amenities and use their selling prices to find an accurate market value for your property.

• The Replacement Cost Approach determines how much it would cost to replace your property—using current values for labor and material. The appraiser will take depreciation into account, if applicable.

When you choose an appraiser, it is important to check references carefully and look for designations such as MAI (Member, Appraisal Institute) and ASA (American Society of Appraisers). Any appraiser you choose will meet requirements according to Utah state law, including both training and education.

A Salt Lake City home evaluation can help raise the value of your home, however, in that even if the appraisal is lower than expected, you still have options. Remember an appraisal is only an opinion, and you have a right to ask for the appraisal report and find a second opinion. Of course, your best option is to become familiar with the local market, and know the different possibilities in a Salt Lake City appraisal.

When you evaluate your home, also remember the value of the Salt Lake community. Salt Lake City, nestled just at the base of the breathtaking Wasatch Mountain range, offers all the possibilities of a larger metropolitan city, while still maintaining the charm of a friendly Western community.

Established over a century and a half ago by a religious community, Salt Lake City still maintains the values it has become famous for, while branching out in diversity. Utah is one of the fastest-growing states in the nation, and Salt Lake City is expanding to fit the variety of newcomers drawn to the beautiful Salt Lake Valley.

Known around the globe for its snow, winter sports are available up to eight months a year. In addition, canyons known for their autumn color are just a short drive from the city and offer sports year round. Whether it is rock climbing, biking, hiking, camping or skiing, residents have plenty of recreational opportunities.

Few wonder why Salt Lake City is growing exponentially. With out-of-state investors moving in and experts promising a jump in home appreciation rates, perhaps you are considering a Salt Lake City home evaluation for your property. Understanding the basics and choosing the right appraiser will ensure you receive a fair evaluation as you prepare to sell your home.

-Lidya Hardy

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®