Before you rush into purchasing a property, whether it’s a commercial or residential transaction, it’s important for you to know you’re getting a good deal in terms of the value of that property versus the price that the owner is asking for it. As such, you should make sure you’ve partnered up with an experienced property consultant in Maryland for the transaction.
Here are just a few of the biggest benefits associated with working with a skilled property consultant:
- Insurance: If a homeowner’s insurance provider is going to cover your property, it will need to have an insurable value appraisal done on the cost of the property. During the process of cost estimation, only the parts of the property that are insurable are included in the valuation—excluded areas will include improvements, basements and underlying land. You’ll have a hard time getting property insurance without an appraisal.
- Confidence: People selling real estate tend to claim the value of the property is higher than what it’s actually worth. This makes sense for the seller, who wants to get as much out of the deal as possible, as well as for the listing agent, who is paid a commission based on the selling price of the property. A home that is too expensive may stay on the market for too long, but a home that’s priced too low could result in significant financial losses. An accurate appraisal provides confidence to both the seller and the buyer that they’re getting a good deal out of the transaction.
- Lending: Getting an appraisal done on the property will help avoid delays in getting the financing you need to make the purchase. In many cases the bank will take care of the appraisal itself, but if not, it’s important you get the appraisal done as soon as possible so you don’t stretch out the lending process and risk missing any of your deadlines.
- Investments: If you’re purchasing a piece of real estate primarily as an investment, having an accurate appraisal performed by a professional property consultant will help you set more realistic goals for your investments. This is especially beneficial if your goal is to rent out the property and you need to determine good rates for rent that will help you achieve those goals.
- Taxes: An accurate appraisal will ensure you pay an accurate amount of property taxes. Again, this is important for when you’re going through the process of purchasing a piece of real estate because the listing price may be higher than the appraised value, so you can’t just assume the value and your tax assessment based off what the seller is asking for. You don’t want to end up overpaying on your property taxes.
These are just a few of the primary benefits associated with working with highly trained and experienced property consultants in Maryland. For more information about the appraisal process and how you can get a property consultant involved in your real estate transaction, contact Jane Campbell-Chambliss & Associates, LLC today.