Factors Considered in a Home Appraisal

Certified or licensed appraisers prepare a realistic assessment of the value of a home. The emotional attachment that owners have for a home often creates a false impression of its true value. Appraisers base estimates of a home’s value on these basic facts:

  • Condition
  • Square footage
  • Location
  • Recent sales of comparable homes

Appraisals that are based on current observations are the most accurate, and the passage of time can make an estimated value increase or decrease.

Why Condition Matters

A clean home that is free of clutter makes a good impression. No amount of tidiness can compensate for an old carpet or outdated appliances, but it does make a home look inviting.

The roof of a house is one of the most expensive components, and everything about it makes a difference. Tile is more valuable than shingles, and a new roof is more valuable than an old one. The overall condition of the roof is extremely important in an appraisal.

Trimmed hedges and freshly cut lawns show that an owner values a home and takes care of it. Visible evidence of the maintenance of a home can influence an appraiser’s overall impression.

Size Makes a Difference

Home builders calculate construction costs by the square foot, and it is a good method for home owners to consider as well. Property taxes are based on home sizes, and owners expect to pay more for larger structures.

Neighborhood Locations Affect Values

People chose to live in locations that appeal for a variety of reasons. Some may like a secluded lodge in the woods while others like a subdivision that is filled with active families.

Location can influence an appraisal positively when it includes access to services that are desired by a majority of potential buyers. Convenient access to doctors, restaurants, shopping malls and schools can add to the value of a home.

Comparable Home Sales Provide a Guide

An appraiser must rely on statistical data to establish a home’s value with a high degree of accuracy. Sales prices on homes that are comparable to the one under appraisal provide the most reliable guidelines.

The Value of an Appraisal

Experience in evaluating homes on the basis of condition, size and location enables an appraiser to assess the impact of comparable sales values. An appraisal establishes a home’s value that is dependent on market influences, and it may fluctuate with time. A certified or licensed appraiser can provide a valuable service for buyers and sellers. To find the property tax report of your home, visit Courthouse Direct today.