What Appraisers Look At
What's The Appraiser Actually Appraising?
When selling your home, an appraiser visit is honestly inevitable. It's just a part of the selling process that HAS to happen and is required by the buyer's lender. Why is this such an important step in the process? Well, the lender requires that an appraisal be done because they want to be sure that they will not be lending money on a property that doesn't have the necessary equity. Even if both parties are happy, a lender is still going to require an appraisal to be done.
We all know that a home is made up of three basic things... a foundation, walls, and a roof. All three are the most significant in a home's structure and functionality. These are the very first things that an appraiser will be looking at. The roof and the foundation are the biggest things that can quickly make a home inhabitable. This is why the appraiser will pay close attention to any damage or defects to either. If your house is all good, it works and serves its purpose without trouble, and it is safe for people to live in everything will be all good to go!
Size Of The Property
Both the size of the lot and your house are important considerations for the appraiser. The square footage of the home will make up a large portion of what goes into the appraised value.
If your home is a large, open space with three or more bathrooms and two or more bathrooms, the more your home will be valued at. Not only to mention that the more room and land you have, the more appealing your home will be to buyers!
Condition Of The Interior
Even if everything is great and working correctly structurally on the outside, the interior of your home is just as crucial when assessing the value. The windows, doors, flooring, walls, plumbing, electrical, kitchen, and bathrooms are all essential to the appraiser.
They are going to be able to tell the good from the bad when it comes to your home. This is why they check everything over very closely. Things that you may not be aware of could make a huge difference in the value of your home.
The value of a home doesn't just stop at the original construction. Yes, there are the basics and taking account of age, wear and tear, etc. But an appraiser will also look at any improvements you've made and the quality of those improvements.
Buyers and mortgage lenders love newer appliances and great quality renovations because of it all contributing to the lasting value of a property. Not only does it make the home look good, but it also makes it feel like it's worth more! A brand new dishwasher and kitchen renovation could potentially add up to 20 years to the life of a kitchen. Crazy huh?! So any improvements that you can make, will only be better for you in the long run!
Extras and Additions
Even just the most basic things you wouldn't consider to matter, do in fact matter! Insulated windows, fireplaces, a garage, and even a security system can add just the right amount of character and importance to your home. Yes, that seems pretty basic, but I can guarantee you that there will be people that ask for these things very specifically!
Everyone also wants a pool; this may seem like a complete no-brainer, but a pool definitely adds value! If the pool is kept clean and in good shape, there are plenty of people who will pay for the pool and say the home is a bonus!
So as you can see, these are just a few things that the appraiser will be looking for. There are plenty of other things that an appraiser will take into account when assessing the value, but these are just a few of the main things to be aware of!