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6 Aspects that are inspect in a home appraisal
6 Aspects that are inspect in a home appraisal
An appraisal evaluates and determines the market value of a home. Appraisals are almost always used in purchase-and-sale transactions and commonly in refinance transactions. In a purchase-and-sale transaction, an appraisal is used to determine whether the home's contract price is appropriate given the home's condition, location, and features. In a refinance transaction, an appraisal assures the lender that it isn't handing the borrower more money than the home is worth.
Understanding how the appraisal process works can help both buyers and sellers properly prepare, as there are several key items an appraiser will look for when conducting a home appraisal:
1. Overall condition of the house.
2. Number of bedrooms, bathrooms and fireplaces.
3. Quality of roofing, foundation, plumbing and HVAC.
4. Condition of sprinkler system and quality of landscaping.
5. Square footage of the home and size of the lot.
6. Built-ins and upgrades of the original home.
Factors that determine your home appraisal value:
1. Local market conditions
2. Age of the home
3. Neighborhood and its amenities
4. Comparable homes
5. Home features
6. Updates and renovations
7. Size of the home and its location
8. Home design
9. Interior and exterior materials
If you want to know more about the home appraisal, you know you can call me, I will make it simple and safe!
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