Getting an appraisal on your home before you sell is good for your sake and the buyer’s sake. An accurate appraisal will make sure that you don’t over or undervalue your home and will make the buyer feel more comfortable with the asking price.
However, you might not be exactly sure what appraisers look for when evaluating your home. Before you schedule an appointment with an appraiser, make sure you understand what factors will affect the estimated value of your home.
The first area that an appraiser will likely inspect is your home’s exterior. This includes your property’s foundation, roof, and walls. Your appraiser will be looking closely for any damages or defects that might affect the structural integrity of your home.
As any damages in these areas can sink the value of your home and even make it dangerous to inhabit, you should be sure to have any defects to your home’s exterior repaired in advance.
Additionally, appraisers will carefully examine the interior of your home for any damage to windows, floors, walls, plumbing, electrical work, and more. The condition of these areas can significantly impact the value and safety of your home.
Moreover, appraisers will also want to inspect the size of your home’s interior and determine if that space is used effectively. This could include how many bedrooms and bathrooms your home has and how large certain rooms are compared to others.
Aside from critical errors that affect the livability of your home, appraisers will also look for minor repairs and renovations that may be required to improve your home’s quality.
Maybe your bathroom has cracked floor tiles or your kitchen needs a new stove. These types of minor repairs can have a significant impact on your home’s value as appraisers consider the cost of the repairs and the effort required by the buyer to make these repairs. If you want to maximize the estimated value of your home, you should make as many of these renovations as possible.
Another important factor for the appraiser is the size of your home and property. As people tend to prefer to have larger plots for their homes, this will drastically impact the appraised value of your house. Fortunately, this aspect of your home is pretty much out of your control, so, while you should be aware that appraisers will take this into account, it’s not worth worrying about in advance.
In addition to these main qualities of your home, appraisers may take into account other qualities and amenities before determining a value for your home. For example, air conditioning and a swimming pool in a warm area would absolutely increase the value of your home. Things like fireplaces and skylights might also increase your home’s value.
Hiring an appraiser to determine your home’s estimated value is a fantastic way to determine an accurate sale price and give potential buyers a sense of security. However, before getting an appraisal, you should consider these few key things that appraisers will look for when evaluating your home.