Assessing Past Damage in a Real Estate AppraisalOctober 21, 2019 7:07 pm Leave your thoughts
Appraisals are an integral part of property purchases and estate transfers. The appraisal determines the value of the estate, which affects loan qualifications, sale price and taxes. The condition of the estate is a major factor in these values. Any damage found in a real estate appraisal in Napa County, CA will negatively affect the bottom line.
If you have recently received a real estate appraisal with damage in Napa County, CA, you may wonder exactly what the appraiser considers as he or she assesses damage and value. Following is an overview of what appraisers evaluate and how they come to their final assessment:
- Structure: The appraiser will examine the exterior of the home to assess its basic structural components. Is the roof in good shape? Are there any cracks in the foundation? How old is the siding? The appraiser wants to determine if he or she must report any structural defects in the home, which will either reduce the value or possibly make it uninhabitable.
- Size: The appraiser will note the square footage of the property as well as the amount of land included with the estate. Of course, the bigger the property and the more acreage it sits on, the greater the value of the estate. However, the condition of the property also matters. Bigger isn’t always better. If damage is found during a real estate appraisal in Napa County, CA, this will decrease the value. Lushly landscaped areas and well-maintained land will obviously hold more value than overgrown or barren property.
- Spruce-ups: The appraiser will also note whether the property owner has made any improvements to the estate. Renovated kitchens and bathrooms, upgraded flooring or other remodeling projects typically add value to the estate. However, if any attempts at renovation have been completed poorly, this may reflect negatively on the value and result in a real estate appraisal that reports damage in Napa County, CA.
- Similarities: Once the appraiser has noted all the features of the property and its condition, he or she will compare it to similar properties. The appraiser will research sale prices for estates that have been on the market recently or are currently on the market, to determine current market rates for that type of property. The appraiser will note any differences in the subject property and make appropriate adjustments in the value compared to the other properties.
- Surprises: Few property owners want any surprises from an appraisal. You want the home to value at the price you agreed to pay for it (as the buyer) or the price you are hoping to fetch for it (as the seller). To avoid surprises, partner with industry professionals who can walk you through prepping your home to look its best for an appraisal. This might mean making repairs so you can avoid damage found in real estate appraisals in Napa County, CA.
For industry-leading insight into real estate appraisals, contact the experts at County Appraisals Inc. Our team specializes in agricultural-related properties. Our appraisals are ideal for estate planning, purchase negotiations and estate tax valuations. We make your appraisal process simple and convenient with superior service and reliable results.
Categorised in: Real Estate Appraisals
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