7 Factors That Affect A Home Appraisal
Are you selling your home? Before you put your home on the market, there’s one key step you need to take: get it appraised. Your home appraisal value is based on an array of factors. They each hold different weights when evaluating your home. The ultimate goal of a home appraisal is to place your home on the market fairly, this is why the appraiser will look over your home from top-to-bottom to fully evaluate your property and surrounding neighborhood. Now, let’s take an in-depth look at the seven factors that can massively affect your home appraisal value so you know what to look for and look out for.
Condition of the home
When estimating the value of a home, overall condition of your home is most important factor that appraisers consider. For example, If there is anything wrong with the appliances or if there are broken windows, it will decrease the value of the house. The appraiser will also look for signs of infestations and checks to see if things like electrical or plumbing need to be fixed. It is worth paying attention to the overall condition of your home because it affects the value.
When it comes to a home’s value, location is everything. It’s the first thing many people ask about when considering a real estate purchase. A home’s location could impact its value based on several factors from local amenities to local highways (e.g. highways, public transportation options, restaurants, hospitals, schools and grocery stores), dramatically affects how valuable your home can be. If the home is also next to an undesirable neighboring property, like a landfill, its value may be lower. In addition, an area’s crime stats (i.e. the neighborhood’s safety record) may also influence the value of your home.
A house’s size is one of the most important factors in appraising property values. The area that’s evaluated to determine your home appraisal value is the overall square footage of the home. Once that number is determined, the appraiser will look at how that space is distributed throughout the home. How much of your square footage is useable and livable space? In addition, The number of bedrooms in your home will also increase your home appraisal value. One-bedroom homes sell for significantly less in almost every situation, mostly because families are not interested in them. If you are considering an addition and your home has only one bedroom, this can add a lot to your home appraisal value.
Age of the home
When appraising a property, the appraiser will consider the age of the home. While this may seem like a factor that would be easily quantifiable, it's not that simple. The age of the home is often used as one of many data points to determine a home's value, but other factors such as location, size, and condition are more important. Age of the property doesn't guarantee a higher appraisal value. For example, just because a house is old doesn't mean it's worthless. In fact, homes that is old which have been well maintained tend to have higher appraisal values than new builds which are often plagued with issues and problems.
Recent Home Renovations
Have you made any renovations to the home since you purchased it? If so, renovations and upgrades should be considered when determining its value. For example, you upgrade the kitchen or bathroom, maybe you built a new garage, or even more practical upgrades, like a new roof and energy-efficient appliances. Those improvements can boost your chances of getting top dollar for your home.
Comparable homes in the area
So how does your property stack up against others in the neighborhood? The first question to ask is: what are your neighbors’ homes like, and how do you stack up against them? Often, an appraiser will compare your home to others recently sold or those in the market in the area that are similarly sized, with comparable features and number of rooms. If you’re wondering what your home may be worth before an appraisal, take a look at recently sold properties in your area that are comparable (e.g., the same number of bedrooms and bathrooms), and similar in other ways like style and age, location and condition.
Current Real Estate Market
The real estate market in your local area will significantly affect the price the home is appraised for. Even if your home is in excellent condition, in the best location, with premium upgrades, the number of other properties for sale in your area and the number of buyers in the market can impact your home value. However, for example, if more people move into your area you can expect the demand to increase, which will increase the value of houses in your area. Another related factor is job opportunities; if they are plentiful in your community, you can expect more people to move there resulting in less supply and higher prices. But, if the demand is low, the value of the house may be lower.
Understanding what factors are taken into consideration when determining your home appraisal value will help you get the most value and avoid overpricing your for-sale home. Consider these factors in mind when pricing your home which could help you have a huge return when you go to sell your home in the future. Also strategically placing your home up for sale during a time when the market is hot with buyers will help you get more money for your home.
If you are curious 'How to get more money for your home when listing it for sale', check out this blog post.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, E + J.
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