Are you considering selling your home? If so, then you’ll need to get an appraisal. Home appraisals can be tricky, and several factors can affect the final value. Everything counts, from location to house condition, and only an appraisal can help you determine your home’s exact value.
To carry out the appraisal process, individuals hire a professional appraiser to determine the property’s value. And once they know the exact number, they can list your property for its real price and not risk any profit loss.
However, that’s just scraping the surface of the complicated home appraisal process. But below, you will find all the factors that affect your home’s value, so don’t hesitate to read on.
How an Appraiser Carries Out the Process
Before we share the major factors affecting your residential property’s value, let’s explain how home appraisers carry out the entire appraisal process.
A home appraiser has the task of assessing the value of a home. When performing an appraisal, they look at everything from features such as square footage and the number of bedrooms to amenities like swimming pools and decks. The construction techniques used and their quality also play into the evaluation.
When it comes to interior elements, an appraiser will inspect things like flooring, walls, and fixtures, along with plumbing and electrical work. The condition of the appliances is another factor they evaluate as part of their assessment.
Ultimately, a home appraiser’s goal is to understand the property fully and accurately before determining its market value and worth. Given that this process is not at all simple, you can click here to find out just how exactly appraisers determine the value of your property.
Location Is Key
Even if some homes may look attractive on the outside, if they are located in an undervalued area, their resale value will inevitably be much lower than a property in a better neighborhood. If your house is situated near schools, parks, shopping, and entertainment areas, you could find yourself with a bigger appraisal and more offers from buyers.
While you can’t do much if you find yourself in a bad neighborhood, you can try to focus on general improvements as well as the security of your home.
The Property’s Square Footage
When it comes to the property’s square footage, it is known that bigger is always better. Generally speaking, larger homes are worth more than their smaller counterparts. This isn’t to say there aren’t other factors that contribute drastically to this number but sizing up may help add to those extra zeros on your home’s worth.
If you can expand your property by adding a few rooms or by sizing up your outdoor area and making it perfect for outdoor activities, you will surely increase the value of your house. However, make sure that the improvements you make always pay off in the end; you don’t want to add quality to a house you won’t be living in without receiving a solid ROI.
The Property’s Condition
The condition of your home is an important factor in determining its overall value. In order to get the most accurate appraisal possible, you should make sure that your home is in tip-top shape during the appraiser’s visit.
Minor repairs can go a long way in increasing a home’s valuation. Keeping up with seasonal maintenance ensures that nothing slips through the cracks and provides more security regarding the appraised value. It may take some effort to spruce up before the appraisal, but it could mean a big difference in what your property is worth.
In addition to that, older homes often have charm and character, but they may not be worth as much as newer ones. Depending on its condition and structural integrity, an older home could have sentimental value that makes it worth more than a newer one with fewer features and less desirability in terms of location or design. However, if the house is only pretty to look at and not to live in, you can’t expect to make a lot of money from it.
Bottom Line
Location, square footage, and property condition are some of the major factors that drastically impact the value of your property. If you want to discover the real value of your property, hire a professional appraiser, and you will know the exact number in no time.
If you want to increase the value of your property for more profit, follow some of the tips we outlined for you above.