Putting a value on your property can be a very tough job for most home sellers. In addition, most homeowners tend to be emotional when setting a price for their homes. This is why it is vital to hire an appraiser instead of letting them do the job for you.
There are so many benefits to hiring an appraiser, and one of them is that they can give you a chance to put your property on the market at the correct price. For you to know how appraisers will set a price tag on the property you are selling, here are the things they often consider.
The Neighborhood
One factor that affects the appraisal of your home is the neighborhood where your property is located. They will check if your property is near establishments, such as schools, police headquarters, fire stations, and hospitals.
The crime rate within your location is also considered when an appraiser sets a value to your home. If your property is located in a prime location, it will add value to your home, that’s for sure. This is the reason why most homes within the city are expensive.
The Size Of Your Home
Next, the appraiser will look at your property’s size and will decide based on this information whether to increase the house’s value further. The appraiser is expected to take the measurements of your property during the inspection.
Both the land where your house sits and the house itself will undergo a measurement. They will also consider the number of bedrooms available in your home. Additionally, your garage will also be measured and will have a significant impact on the assessment.
Home Improvements
The appraiser will also check if you have recently made any improvements in your house, such as kitchen and bathroom renovations, additional rooms, and any other enhancements in the interior and exterior of your house.
It would be best if you let your appraiser know about these improvements as these can also increase the value of your home. Adding a garden, a pool, patio, and even converting a garage to a new room can add significant value to your property.
The Age Of Your Home
Another thing that appraisers will consider is the age of your home. Both old and new homes have their pros and cons. Just because your home is new doesn’t mean it will be appraised higher. Sometimes, older houses get appraised higher than new ones.
Older houses are typically located in historical areas where the value of the properties located there is skyrocketing. Moreover, older houses are maintained carefully compared to newer homes. Typically, there are quite a lot of problems that come when purchasing a new house, and this is what makes the value of your home plummet.
The Condition Of Your Home
This next factor is obvious. Nobody will purchase a worn-out house, especially if it comes with a high price tag. And even if you sell your home at a lower price, you will have huge difficulty selling it if the condition is poor.
When it comes to appraising your home’s value, it is expected that the appraiser will consider the general condition of your entire property when assessing the value of your house. This is why you must not wonder why your home is appraised low, even if it sits in a prime location.
Signs Of Water Damage
Water damage is the worst damage a home can encounter. Additionally, water damage can be the beginning of all other damages to your property. Furthermore, it can also cause mold and mildews to build upon your home, which can be very disturbing.
Molds can be small, but they can cost thousands of dollars to get rid of. Potential buyers will never buy a home with mold as it can pose serious health risks to them and their families. Molds are highly toxic and poisonous and can cause various respiratory issues.
Signs Of Infestation
Pests infestation is the next thing that appraisers will look for. Pests leave signs on your home that will suggest the infestation. The appraiser will not conduct a full pest infection on your property, but they will indeed look out for signs of possible infestations.
They must appraise a house properly according to all the data they have collected from the inspection. This will protect both the seller and the buyer by ensuring that both parties get the value they deserve.
These are just some of the factors that an appraiser will look out for during an inspection. But, again, you can check Sundae’s home appraisal checklist or Address Scoop’s Appraisal 101 for a more extensive view of this matter.
Final Word
Appraising a home’s value correctly before selling it is essential. Aside from protecting you, it will also help you sell your home fast. Homebuyers nowadays are very smart. They will make sure that they will only pay the home according to what they are seeing. If you hire an appraiser, you will be sure that you will avoid low-ball offers.
