Four Tips to Prepare for a Home Appraisal in Your DuPage County Divorce 

 Posted on December 03, 2021 in Chicago divorce attorney

For many couples, the marital home is their greatest source of equity. In a divorce where all marital property must be divided, the value of the marital home is of great importance to both spouses. Whether one spouse wishes to buy out the other spouse’s value of the home or not, both parties must be aware of important issues, such as how much equity they have and whether their home’s value is underwater. If you are considering divorce and need to get your home appraised, here are four tips to prepare you for the appraisal so you can get the most value out of your home.

Know the Costs

Getting an appraisal is not free. The average cost of an appraisal is $300 to $450 for a single-family home. At a time when many American households have little or no savings, the cost of an appraisal can present a challenge. How do you find an appraiser? Who will pay for the appraisal? If the wife is filing for divorce, should she pay for the appraisal, or should both spouses split the cost? These are questions that must be anticipated before hiring an appraiser.

Understand the Appraiser’s Job

Regardless of who pays the appraiser, he or she does not work for one spouse in particular. Rather, an appraiser is a neutral party who has one job: Determine the value of a home. In addition to big-ticket items like the house’s size, layout, and position relative to good schools and main traffic arteries, appraisers are also looking for things that will adversely affect the home’s value: Expensive repairs, dirty carpets, a peeling roof. If you and your spouse have waited to do any upgrades or repairs, now may be the time.

Look at Comparable Homes

Although the appraiser will be the expert at looking at comparable homes that have recently sold or are up for sale, you may want to do the same so you can set realistic expectations and plan for the future. Be honest about the state of your home and how it compares to similar properties in the area. Be sure to check out housing sales trends so you know the right time of year to sell the house in order to maximize your offers.

Give the House a Facelift

Although cosmetic finishes are not the most important factor when determining home value, homes that look nice are more likely to sell compared to homes that look run-down or dirty. Clean your home, freshen up the paint, and declutter so the appraiser can inspect the home easily. If certain plumbing is dysfunctional or insulation is leaking out of the ceiling, the appraiser is certain to notice, even if it does not impact the overall functionality of the home.

Schedule a Consultation with a St. Charles Divorce Lawyer

Getting ready to determine the value of your most valuable asset can be nerve-wracking - even more so when you consider that you may have to split the value of the home with your spouse. Fortunately, a DuPage County marital asset attorney with The Law Office of Matthew M. Williams, P.C. may be able to help. We pride ourselves on helping our clients transition through even the toughest parts of divorce with skill and preparedness. To learn more about how we can help you, schedule a confidential consultation with our offices by calling us at 630-409-8184 today.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000

https://www.investopedia.com/articles/personal-finance/042514/home-appraisal-your-key-successful-refinance.asp