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Commercial & Residential Real Estate Appraisals
Serving The Entire New York Metropolitan Area
Understanding the Home Appraisal Process
June 7, 2021
What Does an Appraiser Look For?
Naturally, part of an appraisal involves examining the overall condition of the house, such as the foundation, roof, and siding. If the foundation is cracked and the roof has collapsed, the appraisal won't go well. The appraiser will look for cosmetic issues like worn floors and structural issues like a sinking foundation.
However, an appraisal doesn't stop there. The appraiser will also consider the size of the home, the number of bathrooms, whether the basement is finished, and what materials have been used to build the house. In addition, they will consider the type of neighborhood, the lot size, and the zoning classification.
Last, an appraiser looks for anything that has been added to the home to make it better, such as energy-efficient items or a deck. In most cases, adding these types of features can add value to the home. However, some upgrades, like pools, are too problematic for some homebuyers. They may see the pool as a huge money and maintenance pit.
How Is the Home's Value Determined?
After an appraisal, your house is compared to similar houses to determine the value. The appraiser must use market trends to calculate the value. Therefore, if your home has a lot of in-demand items like bathrooms or a glass shower, the home's value increases.
Unfortunately, your home's value largely depends on current trends. If houses like yours are going for a lot of money, you're in luck. However, if the market is doing poorly, or you live in an area with low housing values, you may not get as much as you feel you deserve.
Keep in mind, parts of the home that can be moved, such as appliances, do not add to the value of the home. Even if you are selling the items with the home, they don't typically boost the value, but they may attract more buyers.
How Can You Boost Your Appraisal Value?
You can improve the results of your appraisal in many ways. First, you should go through and fix up your house a little. Paint the walls, clean the floors, replace old fixtures, and remove clutter. If you've made any major changes, such as recently replacing the patio, point it out to the appraiser. Fix any damage and get caught up on maintenance, since deferred maintenance is the number one reason your home's value falls.
When looking for areas of your home to improve, consider what is modern and trendy. Dated cabinets and flooring can deter buyers. Similarly, older homes may have been built with hazardous materials like lead paint or asbestos insulation. If this is the case, you'll need professional help to remove the hazards.
Next, head outside and examine your yard. The front yard plays an important role in curb appeal. Therefore, weeds, overgrown bushes, dead trees, and an untrimmed lawn can all work together to make your yard look messy. Clean up any garbage and make sure your entryway is welcoming and well-lit.
A home appraisal is an important step in selling your home, and there are lots of things you can do to boost your appraisal value. While you can't change the location of your home or the current neighborhood, you can spruce up the walls, floors, and yard. If you would like to know more, contact us at East Coast Appraisal Service today.
50 Court Street, Suite 508, Brooklyn, New York 11201 | Phone: (800) 228-2158 | info@eastcoastappraisal.com | Fax: (718) 834-1807