As you and your spouse prepare to divorce, you need to decide what you will do with your house. As you make this decision, you should get an appraisal of the property.
Homelight says that an appraisal helps you understand the current market value of your house. If you want to keep the property, you typically have to buy out your spouse. The appraisal helps you understand how much the value of your house has changed so that you pay your spouse the appropriate amount. If you plan to sell the home, you usually set the list price based on the current value.
What happens during the appraisal process?
An appraiser generally walks through your home and assesses its features. This professional evaluates the number of rooms in your house, the size of your lot and the square footage. Additionally, the appraiser considers the condition of your property and the demographics of your neighborhood. All of this data helps the appraiser to compare your home to other houses in your area and to set the value based on this comparison.
How do you get an appraisal?
During an amicable divorce, you and your spouse may hire an appraiser together and set the list price based on this professional’s recommendations. If the appraiser recommends that you make certain repairs, you can hire a contractor to fix these issues.
During a contentious divorce, however, you may each want to hire your own appraiser. A court can evaluate both appraisals to determine which one is more accurate or use the average of the two values. In some situations, you may want to let the court hire the appraiser.
By getting an appraisal, you can make sure that you and your spouse divide the house as fairly as possible.