You found the house, and you and the seller have agreed on a sale price. Congratulations! Now it’s full steam ahead to closing right? Not so fast. Some very important steps to your home buying process are just ahead, one of those being getting an appraisal done by a professional appraiser who is trained in determining value for homes like yours.
Read below as we dive into what these professionals look at when trying to determine how much this property could be worth - based off factors such as style, age of home/appliances & amenities provided within that come with said purchase (such as pool) among other things."
Why do we need home appraisals?
The appraisal process is an essential part of the loan package because it provides lenders with a fair and unbiased market value for your property.
An appraisal is required as collateral, so unless you’re paying cash, there won't be any financing without one! The house will have a higher sale price if its worth more- which can really help us in tight situations like buying homes or refinancing mortgages.
What home appraisers look for inside/outside the home
What kind of things do appraisers look at on the exterior of a house? Well, they'll typically check for any missing shingles or other visible defects. This can cause water to leak in and lead to problems like an infestation by bugs or small animals.
They will also take note if there are vertical cracks (due to age) that might be near crumbling foundations which could mean potential flooding from rainwater coming down through the roof into your living space! It's important not only what you have going on inside but outside as well so make sure there isn't anything wrong with this aspect when looking at homes
It's not only the outside that matters when it comes to appraising your home. Home appraisers also evaluate every nook and cranny of the interior for health or safety code violations, as well as deferred maintenance issues. To complete a thorough evaluation, they'll be looking at all aspects of the design and condition inside too--including any tell-tale signs of pests like termites or rodents!
The appraiser will be looking to see if the property has a dated appearance, and whether or not any improvements have been made in quality. Things like fireplaces within the home that are properly insulated with central A/C can give it an added value since these features show care for its residents.
What else do home appraisers look for or don’t look for?
Home appraisers also look for luxury items when assessing a home’s value. A few examples are an outdoor or indoor swimming pool, gourmet kitchen with warming drawers, theatre rooms, and spa bathrooms.
Appraisers don't care about your choice of décor like window curtains and blinds that can be easily taken down from the house because they're not considered real property!
How does the appraiser determine the value of a house?
The appraiser will make a physical inspection and gather information on comparable home sales in order to determine the value of a house.
The appraisal begins with an external/internal assessment, followed by gathering data from comps for as close-in proximity to the subject property as possible. For example, if you're examining two story homes located in [CITY] then it's important not use any single level ranch style properties that may be found closer than [CITY] where houses are typically different types of construction or design favoring one over another when determining worth.
What You Need To Know: Understanding The Home Appraisal Process
When trying to sell a house, it's important that you understand how the home appraisal process works. There are many factors appraisers consider when determining your property value - and understanding this process is crucial for ensuring a successful sale.
Here we'll cover some of those elements- as well as what can be done in preparation before an inspection or even during one if there happens to be any snags along the way; such information will come in handy whether you're buying or selling! Your real estate agent should also have answers at their disposal about anything related to navigating through either side of the home buying/selling process so don't hesitate on contacting them with questions whenever necessary!