Having a home appraisal can seem like a mysterious process when the appraiser comes to your home, looks around, runs some numbers, and then sends back a home value. This figure may or may not match what you or the county assessor think it’s worth.
This process is usually required in a bank-financed home sale, and it can be make-or-break for the deal. Here’s a look at what appraisers are looking for.
What they are assessing
■ Overall home condition: homes in poorer condition value less and vice versa.
■ The total square footage of the home and property and the number of bedrooms and bathrooms are the important features that provide the base for the rest of the appraisal.
■ Well-maintained landscaping tends to help home value.
■ Outdoor features including patios, decks, porches, and pathways all increase home value.
■ Roof and foundation condition: Both can have massive deal-breaking problems that had not been noticed before, such as a foundation crack or a leaking roof.
■ The condition and age of the lighting, electricity, plumbing, HVAC, and appliances play a big role in the value.
■ Fireplaces add a certain luxury value to any home.
■ Other features: Countertops? Home theaters? Nifty stuff like wine cellars or custom built-in furniture? All these things impact home value.
After the home appraiser takes this information, they compare it to similar houses in your area, getting this information from recent home sales and prices. All these factors mean that different appraisers might come to different conclusions. If so it’s OK to ask for a second opinion if the first one seems wrong.
On average, a home appraisal costs about $350. The initial appraisal inspection can be done in one day; then it will take between seven and 10 days for them to do their comparative research and complete a final report and home value.
When hiring an appraiser, look for certifications and continuing education. Your lender will probably recommend an appraiser, but you can also hire on your own.
Ask the appraiser if they are experienced in appraising your specific type of property, and make sure they hold the proper licensing, bonding, and insurance to work in your state or locality. Feel free to ask them for a list of references from previous clients, and check them..
It’s a good idea to independently verify the certifications and licensing the appraiser provides you with. This is a major job with a big impact on one of the most important purchases of your life, so it’s worth taking the extra time to get it right.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years…..
We are here to answer any questions you might have – just email jennifer@smithteamlasvegas.com
Thanks and make it a terrific day…………The Smith King Team
