Appraising Your Home

Physician's Money Digest, August31 2004, Volume 11, Issue 16

For most physicians, their home islikely their most valuable asset. Youshould have an idea of its worth. Thereare a variety of ways to put a value on ahouse, but not all of them are reliable.You can go with your property taxassessment or how much your neighbor'shome sold for 6 months ago, but if you'reputting the house up for sale or you needan evaluation for a home equity loan,you'll get the most accurate figure from aprofessional appraiser. For about $300,an appraiser will tally up your house'sreal worth, using criteria like size andstyle along with extras like pools andworkshops that add value. Also in themix are factors like neighborhood, taxrate, location, and schools. To find anappraiser in your area, contact theNational Association of Master Appraisers(800-229-6262; www.masterappraisers.org) or the National Associationof Independent Fee Appraisers (314-781-6688; www.naifa.com).