2/1/2024 0 Comments Property evaluatorThis covers everything from the aesthetics to the conditions of the systems that keep your home running, such as the HVAC system and water heaters. The interior characteristics pertain to everything that you find inside the house. General qualitative assessment: Overall property condition, whether the home conforms with neighborhood standards.Accessory dwelling unit : Whether zoning allows the ADU, how the ADU impacts the marketability or value of the property.Garage and driveway : The number of cars the garage can house, detached or built-in, and driveway surface type.Size details: Square footage of the structure’s living area above grade, the number of rooms, bedrooms, and bathrooms.The general characteristics of the property are the main identifiers of the house, such as the number of bedrooms and bathrooms, whether it has a garage and the general condition of the property. Under the sales comparison approach, an appraiser compares the home’s features to those of similar properties that have recently sold.įor example, when comparing two similar homes, an appraiser may assign additional value to a home with a two-car garage when comparing it with a similar home that has a one-car garage.ĭuring the appraisal appointment, an appraiser will look at the physical condition of the property in four different areas: general property characteristics, interior, exterior, and the foundation/attic. The standard appraisal report evaluates general property characteristics, including building materials and the condition of structural features. Let’s review the different aspects an appraiser looks for in a house, divided into four sections: physical condition, improvements, neighborhood, and site. Signs of water damage, infestation, etc.Interior design and features of the home.Quality of roofing, foundation, and basement.Quality of exterior features such as landscaping, swimming pool, patio.Generally speaking, home appraisers look at the following things when evaluating a house: Most appraisers report their findings on a standard Fannie Mae and Freddie Mac form called the Uniform Residential Appraisal Report (URAR). For similar reasons, appraisals are also necessary when refinancing a home.Īccording to the Appraisal Institute, appraisers employ a systematic valuation process to determine an opinion of a home’s market value. For example, if a buyer offers $300,000 for a house but it appraises for $250,000, the bank won’t lend the total amount needed to purchase. Whenever a mortgage is used to buy a home, an appraiser will need to assess the home’s value to ensure the bank is not lending the buyer more than the home is worth. An appraisal can impact your home sale significantly, especially if it doesn’t go as planned.Īppraisals are a professional third-party assessment of a home’s value. In a constantly evolving housing market, it’s essential to know what appraisers look for in a house.
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