Home Appraisals and Retirement Planning
You probably do not think of a home appraisal as part of the estate planning process, but it can be a very important component. When estate planning, one of your biggest assets is most likely your house. A home appraisal can come in handy in a number of ways when mapping out how to pass assets on to the next generation, especially if you are reaching retirement age.
Generally, appraisals are most commonly used in sale transactions or during the refinancing process, but there are a number of reasons why a homeowner might solicit the services of a professional home appraiser. Regardless of the goal of the appraisal, it is used to determine an estimate of what the home is worth on the real estate market.
When it comes to retirement and estate planning, knowing the appraisal value of your home can help determine if it is best to keep it in the family or sell the property, while balancing this information against other factors.
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