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How Much is Your Home Worth?

While there are many online tools that estimate the value of your home, the only accurate way to determine this answer is through a home appraisal.

By REAL. Updated Jun 28, 2022 | Real Estate | 6 min. read

A home appraisal is when a licensed or certified professional compares the condition of your home to other recent sales of homes in the neighborhood and Hawaii market. A qualified Hawaii real estate appraiser can conduct the intricacies of the appraisal with ease and generate a detailed report that can be used for a variety of purposes.

However, since a home appraisal is not typically taught about in school, you may still have some questions.

When do you need a home appraisal?

A home appraisal always occurs when buying or selling a home; a mortgage lender requires this appraisal in order to determine if the value of the home is more than the loan amount.

There are some other times when an appraiser may need to determine the value of your home:

Who are the home appraisers near me?

Home appraisers are located throughout Oahu and the other Hawaiian Islands to assist you in determining your home’s worth. Appraisers must be licensed or certified professionals. In Hawaii, there are four real estate appraiser license types:

  1. Certified General Appraiser
  2. Certified Residential Appraiser
  3. State Licensed Appraiser
  4. Real Estate Appraiser Trainee

The first three types are able to accomplish most needed appraisals for homes in Hawaii, and here are some of REAL’s top-rated “appraisers near me” in different Oahu neighborhoods:

How much does it cost to do a home appraisal in Hawaii?

In Hawaii, an appraiser will typically charge between $300 and $425 for the home appraisal cost of a single-family home or condo. The generally quoted price is $350. A multi-family home might be around $500, and home with more square footage will cost more. The seller of the home typically pays for the appraisal at closing.

The type of loan, whether it is conventional, USDA, or VA, also will change the price. A VA loan appraisal will be around $600 in Hawaii and typically takes longer than the average appraisal to process – at seven to ten days.

How long does a home appraisal typically take?

The home visit part of the home appraisal, when the seller’s agent is usually present, can take anywhere from 30 minutes to a few hours. Once the home visit is finished, the paperwork can take a few more hours or days. The buyers will be given a full report of the home appraisal. After the home appraisal paperwork is completed, a conventional loan on a single-family home or condo will typically take three to seven days before the loan is funded and closing occurs.

What increases the value of your home appraisal?

Often major home repairs before closing will not necessarily add much value to your home. Here are the top tips to increase the value of your home appraisal:

Tidy up. Before your appraiser arrives at your front door, make sure it looks neat and tidy in the yard and inside. Take a few days to weed and clean up the yard. Remove dead plants. Fix missing shingles on the roof. On the inside of your home, make minor repairs like to leaky faucets, de-clutter, and add touch up paint – tasks that were hopefully accomplished before you listed your home.

Share major recent improvements. Collect receipts of major work recently accomplished and point them out to the appraiser. Did you install new granite countertops, a new roof, or a new lanai? Let the appraiser know about this.

What hurts a home appraisal?

Dirty dishes in the sink, laundry on the couch, a barking dog – these might all detract from the appraiser’s determination of its value. However, the home appraiser’s job is to look at the bones of your house, so make sure everything is in as good of condition as possible.

Also, your real estate agent should be present during the appraisal to make sure all of these documents are shown to the appraiser to make sure your home is valued as it should be:

While your home may be worth a lot more than a number, a qualified appraiser can determine that number – your home’s market value – which will enable you to sell your home or qualify for other loan transactions.

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