A home appraisal is carried out by a third-party real estate appraiser who can give an unbiased evaluation of a house’s value. Home appraisals are conducted before a house is bought or sold or when a mortgage is refinanced; they are a crucial tool that determines a fair price. But what exactly does the appraiser do? She or he examines more than the cosmetic appearance or size of a home. If you’re wondering what a real estate appraiser looks at, we’ve got you covered.
Parts of the Property
As you can already guess, the real estate appraiser is going to pay close attention to all aspects of the home. First, she or he will examine the quality of a house’s structure. In addition to noting any exterior damages, she’ll examine the quality of the roofing, foundation, and siding. An appraiser also makes sure that a house meets health and safety codes. You might discover some defects that had been present since the house’s construction!
The appraiser will also conduct a thorough examination of the interior of the home. She’ll evaluate the floorplan, then look at the actual construction of the house. The quality of the materials used to build the home will be looked at, as well as its fixtures. The number of bedrooms and bathrooms plays a role into the home’s value, as does the age and quality of appliances. Renovations and other home improvements can improve a house’s value. For example, an older home with an updated kitchen and central air conditioning will have a higher value than it would have originally.
The Great Outdoors
The size of the front and back yards are taken into consideration when determining a home’s value, and although a perfectly manicured lawn won’t leave a huge impact, it does make a good impression. Your house’s curb appeal will also be considered. A well-kept house that conforms to other neighborhood homes will score well.
An appraiser also compares your house to others in the neighborhood. While she won’t do this during the in-person evaluation, the prices of other homes will be a big factor in determining your home’s value.
Odds and Ends
Upgrading existing fixtures will improve your home’s value, but so will any extra additions to the property. Appraisers take note of additions, such as in-ground pools and solar panels, and weight them when determining your home’s value. Only permanent fixtures will affect the value; a new fridge won’t make a difference, but installing a Jacuzzi bathtub will.
Minor improvements can make a difference as well. You can easily improve the value of your home with a little bit of handiwork. Before your appraisal, fix all the dripping faucets and try to get a fresh, professional paint job.
