Home Appraisals: What You Need To Know
Boosting a home’s appraisal value doesn’t require a full remodel. Here’s what you need to know when preparing for a home appraisal.
A Home Is Only As Valuable As Its Neighborhood- Home Appraisals
A real estate appraisal helps establish a property’s market value, but a home’s neighborhood determines its market value. If homes in a specific neighborhood are selling for three hundred thousand, all homes in that neighborhood will sell in and around that price range. Home sellers don’t necessarily need a home appraisal. If their home is similar to homes in their neighborhood, they can ask a real estate agent to conduct a competitive market analysis. It is informal, and is close to the home’s selling price.
An exception can arise if one home is markedly different than others in the neighborhood. If one home in a neighborhood has a composition roof and brick architecture while others don’t, its value will be different. Home sellers with unique homes should ask for a home appraisal before listing.
Aesthetics Don’t Determine Value: Functionality And Facts Do
Getting a favorable home appraisal doesn’t require extensive remodeling. A newly remodeled kitchen may attract more homebuyers who may drive up the selling price, but it will not affect a home’s value. Home appraisers inspect a home for its condition and functionality, not its aesthetics.
Major appliances should be in working order before a home appraisal. Replacing older appliances won’t necessarily improve the home’s appraisal value. However, if an appliance isn’t working, it will hurt the home’s appraisal value.
Making A Home Presentable
Boosting curb appeal will attract homebuyers, but isn’t necessary for a home appraisal. Home appraisers try to visualize a home without its furniture. New paint won’t help them do that, but a clean home will.
Appraisers will visit a home for thirty to forty-five minutes. They’ll test out the home’s appliances, make notes regarding the condition of the home, and confirm the number of rooms and bedrooms in the home.
After measuring a home’s square footage outside the home, appraisers will take photos of the home, photos of the home in the neighborhood, then consult FMLS and other listings services before submitting their appraisal. Homeowners can challenge their appraisal if inclined.
For a list of appliances to inspect before asking for a home appraisal, and the estimated cost to fix them, contact us today.
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