The first thing you need to do before you put up your home for sale on the market or submit an application to refinance the property is getting it appraised.
A home appraisal is a value analysis of the property, which is conducted by a licensed or certified appraiser to provide an accurate value of the property according to the latest real estate market trends.
When evaluating the property, the appraiser considers several factors in determining its value. Each factor holds different weight during the evaluation process. The ultimate goal of the home appraisal process is to find the accurate value of the property based on the surrounding area and comparable set of standards.
Here are three key factors that have a major influence on the final property value during the appraisal process:
Location, location, location. No matter how many times we stress the importance of location when buying, selling, or appraising a property, it’s not enough. Location is one of the biggest factors that impact the value of a house or any other property. When appraising residential properties, things such as basic infrastructure of the streets, the surrounding area, the crime rate of the area, the neighborhood, proximity to good schools, and hospitals are considered. According to the Appraisal Institute, a bad neighborhood can reduce the property value by as much as 10%!
Architectural Style and Design of the Home:
The overall design and architectural style of the home are also considered when determining the home appraisal value. Certain styles and designs are timeless and look good even after years. However, if you went for more trendy instead of timeless designs for your home, it might affect the long-term value of your home. Any renovations and the material used to construct the house are also considered during the appraisal process.
Another factor that can impact the home appraisal value is the age of the property. While it’s not necessary that a newer home will be appraised at a higher value than an older property, the age of the house does play a major role. Newer houses tend to have less structural issues and have a lower risk, which increases their home appraisal value. However, older homes that are located in popular or historic districts and are well-maintained will also fetch a high appraisal value.
Hire A Certified Residential Appraiser for Accurate Home Appraisals
Torlai Appraisal Services is a certified residential appraiser in Northern California with over a decade of experience providing professional house appraisal services in Stockton, CA, and surrounding areas. Our team of experienced residential appraiser Sacramento is well-versed in the real estate market conditions and has helped numerous clients with IRS, REO, FHA, Probate, Estate, and bankruptcy appraisals.
Contact us today for more information about residential appraisal costs today!