WHY GET AN APPRAISAL? A home appraisal is a crucial step in the buying process, ensuring the property’s value aligns with the purchase price. At NovaKey Realty, we guide buyers through this process to protect their investment and secure financing. Lenders require an appraisal to confirm the home’s market value before approving a mortgage. A licensed appraiser evaluates the property’s size, condition, location, and comparable home sales in the area. This ensures the buyer isn’t overpaying and gives the lender confidence in the loan amount. If the appraisal comes in lower than the purchase price, buyers may need to renegotiate with the seller, cover the difference, or explore alternative financing options. A higher appraisal benefits buyers by confirming they are making a sound investment.