As you and your spouse divide your property, you have to decide what to do with the house. The two of you may divide the house in several different ways. As you consider your options, you should make sure you get an appraisal.
Homelight says that a house appraisal helps you and your spouse understand the current value of your home. An appraiser considers the size of your house and the lot, the condition of the property and the features of your house and neighborhood. From all of this information, the appraiser assigns an estimated value for the property.
Why do you need to know the current market value?
Understanding the value of your house can help you and your spouse as you decide how to divide the property. You may decide that selling the property is the right option for you. In this situation, the estimated value can help you set a selling price. An appraiser can show you what other houses in your neighborhood have sold for so that you can set a price that is both competitive and realistic.
Another option is that one of you may want to keep the house. In this situation, the spouse keeping the house usually takes out a new mortgage and buys the other spouse’s share. You typically use the current market value to understand how much someone needs to pay the other spouse. This ensures that the buyout is fair for both of you.
What if you disagree about the value?
In a contentious situation, it may be difficult for you and your spouse to agree on the identity of the appraiser. You may want to consider hiring two appraisers. You can set the value of the house based on the average of the two appraisals.
By getting an appraisal, you can ensure that you divide the house as fairly as possible.