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  Home appraisal raises a number of issues for homeowners and home buyers. Buying a home is the most significant investment that many people make in their lifetime. The bulk of a person's wealth is directly connected to home ownership and, therefore, it is important to maintain the value of the home. The market value of a home fluctuates with the housing market. Home appraisals are a way of determining the value of your home. Three of the most frequently asked questions about home appraisals are: What is a home appraisal? Who does a home appraisal? and, Will home improvements raise the value of my house?
  
  

What Is a Home Appraisal?

• The primary purpose of a home appraisal is to determine the market value of your home. The most typical scenario is that a bank will ask to have a home appraised when it is considering a loan. Appraisals are intended to protect the homeowner, the home buyer, and the bank by ensuring a fair price. Since 1989 the recognized standard for federal, state, and local appraisals has been the Uniform Standards of Professional Appraisal Practice (USPAP). The USPAP defines an appraisal as "The act or process of developing an opinion of value." The value of a house is understood to be what it will sell for on the open market. To determine the value, the appraiser considers the size and condition of the house, the improvements made to the house, any structural problems, the surrounding neighborhood, the market value of similar homes in the neighborhood, and maps and photographs of the house.
  
  

Who Is an Appraiser?

• Home appraisals are done by trained professionals. These trained appraisers are expected to uphold the ethical standards of the Appraiser's Qualification Board. Most states require appraisers to be certified and licensed by the state. This is a process that requires several years of education and on-the-job training. Each state will have a state regulatory structure that regulates and certifies home appraisers.
  
  There are four stages to complete before a potential home appraiser is qualified. The first step is to take classes at a local college or trade school where students learn what the rules and regulations are that pertain to their area. The next stage is to obtain a trainee's license. This requires passing an exam. Next, there is a mentoring process. The trainee will work with a supervisor appraiser to gain knowledge and experience. Finally, the candidate applies for a license and certification.
  
  

Will Home Improvements Raise My Home's Value?

• One of the questions homeowners ask most frequently concerns home improvements they have made. Doing home improvements will help to raise the value of your home and give you a better approval rating. Home appraisers suggest that you consider the homes in your neighborhood before you make improvements. You want your home to be of comparable value. Some appraisers warn that it is possible to "over-improve" your home. Bathroom and kitchen improvements will have the most value. Painting the house and replacing the light fixtures will also help. Consider whether to replace the windows and doors. When the appraiser arrives, point out the improvements that you have made.