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2018-02-21 15:40:43
The Basics of Appraisals

A home appraisal is simply an estimated value of a home within the housing market. The bottom line value of a house is influenced by a variety of factors that sometimes is anything but simple. For the buyer, an appraisal is important to make sure an agreed upon price is fair. That goes the same for the seller. When there is a lender involved in the process, it is extremely important for the appraisal to be as thorough as possible. There are unfortunate circumstances when an individual, or family, can no longer afford mortgage payments for the house they purchased. When this happens, the house ends up in the hands of the lending company. Lending companies are in the business of providing financing to home buyers. They are not actually in the process of being the seller of a home. This is where the home appraisal comes into play. Lending companies need to be as certain as possible that the marketability of a home will be the same in the unfortunate circumstance of needing to sell it at a later date. This is why there are so many factors that go into the appraisal of a home. Here are the main factors.

  1. Location: Certain areas raise or lower the value of a home. A lot of this can boil down to the demand for homes in a specific location.
  2. Construction Materials: The quality of the materials used in the construction of the house play a large role in the value of the house. The materials need to be certified as legitimate in today’s house building standards.
  3. Age of Home: Things tend to fall apart with age. Houses are no exception. Old houses can be renovated to improve their value.
  4. Design of Home: The architectural style and overall presentation play a role in the value of a home. Some styles are timeless and retain value over a longer period of time.
  5. Curb Appeal: The overall landscaping and presentation of the house at first glance are also important. Even things like fitting in with the rest of the houses can be a factor in the value of a house.
  6. Number of Rooms: Bedrooms and bathrooms are quantified by two different methods. Typically, the value of the house will increase as the number of rooms increases.
  7. Size: Similar to the number of rooms, the value of the house will increase as the square footage of the house increases.
  8. Heat and Air Conditioning: People tend to prefer to be comfortable. There are different systems of heat and air conditioning that will influence the value of a home.
  9. Space: Similar to size, space has to do with storage of things like cars in the garage and clothing in closets.
  10. Recent Renovations: These are correction the age problem of a home. The newer the better for many aspects of an appraisal.
  11. The Current Real Estate Market: This one will be largely out of your control. In general, lots of buyers is good for sellers, and lots of sellers are good for buyers.
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