![]() ![]() The condition of the basement or crawl space.The quality of the home’s electrical and plumbing systems.The number of bedrooms, closets, and bathrooms.The home’s square footage and the size of the lot.Here’s a list of things a home appraisal will ordinarily check to find the value of a home: Yes, the appraiser will check out the home’s condition but only for the purposes of arriving at a valuation.īe sure to order an independent home inspection to get a full picture of the overall condition of the home before buying. The appraiser should cite both kinds of data in the home appraisal report which goes directly to the lender.Ī home appraisal is not the same as a home inspection. Recent sales of similar homes in the area - known as comparable properties, or “comps” - help real estate appraisers arrive at a property value. The behavior of the housing market affects a property appraisal. Local housing market conditions: No property exists in a vacuum.The home’s condition, square footage, number of bedrooms and closets, functionality, landscaping, recent upgrades and its location will affect its market value. The home itself: A real estate appraiser assesses the home you’re buying.Most data points fall into two categories: The home appraisal process collects several kinds of data to arrive at a home’s fair market value. Start here (Jan 25th, 2024) What is a home appraisal? After all, no one wants to pay more for a home than what it’s worth.Ĭheck your home buying eligibility. Most mortgages and refinance loans require a new home appraisal to find the fair market value of the home.Ī home appraisal helps a mortgage lender to ensure the home is actually worth the amount they are lending.Īppraisals help borrowers, too. ![]()
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