As part of selling your home, you’ll need to have an appraisal performed on the property to determine its fair market value and a good asking price. The lender will also always require that an objective third party perform an appraisal on the home to determine its value to ensure it isn’t stuck doling out a loan that’s worth more than the property.
But how exactly does an appraiser determine the value of a given home? What factors do they take into consideration during the process?
Here is some helpful information from a real estate appraiser in Napa County, CA to lend you some valuable insight.
The exterior of the home
The first thing your appraiser will look at is the exterior of your home. The home’s curb appeal is a big part of determining its value. The quality of the foundation, walls and roof all have a big impact on the functionality and stability of the home, and the appraiser will pay special attention to them, searching for defects or damage to any of these components.
If the foundation, walls and roof are all in good structural condition, the value of the home could still be affected if they are not in good aesthetic condition. Chipping or peeling paint, faded surfaces or mismatching colors can all negatively impact the property’s value.
The size of the property
The size of the lot and of the home itself are both important aspects of the appraiser’s evaluation of the home’s value. People often prefer larger homes and lots, which means the larger the lot and home, the more valuable the property is likely to be. In addition, more bedrooms and bathrooms tend to mean more value as well. Finally, a lot that allows homeowners room to expand their house with a new addition will also add to the home’s value.
The condition of the inside of the home
The appraiser will analyze items like windows and doors, plumbing, electrical systems, walls, flooring and the overall condition of the kitchen and bathroom. Everything from the quality of the infrastructure to the overall aesthetics to the quality of the appliances and light fixtures will go into determining the home’s value.
Improvements made to the home
What efforts have you as a homeowner (or previous homeowners) made to improve the home after its original construction? New floors, renovated kitchens or bathrooms, new appliances, new HVAC systems and other new additions and improvements can all help boost the overall value of your property. The same goes for new physical spaces, as well as extra upgrades like efficient air conditioning, insulated windows, fireplaces, garage improvements, security systems and more.
Looking for more information about how County Appraisals Inc. will calculate the value of your home and about the factors that are likely to have the biggest influence on its appraised value? We encourage you to contact our real estate appraisers in Napa County, CA today to learn more and we look forward to working with you soon!
Categorised in: Real Estate Appraisals
This post was written by Writer