House appraisals are an integral part of the home purchasing process. This is the process where home appraisers establish the worth of the property that you are looking to sell. Understanding how this process works can help both buyers and sellers prepare their property for an appraisal to the best of their ability. Here, we list out 4 things home appraisers look for in a home so that you can be set up for success if you are looking to sell yours.
Age of Property
Appraisers often consider the age of a home. Both old and new homes have their discrete drawbacks and benefits – it isn’t always the case that a new home appraises well. Some older homes are beautifully-maintained and located in historic and high-end areas, adding to their appeal over modern residences that may be located in less-desirable neighborhoods, or which have shoddy construction. On the other hand, newer constructions are typically more valuable when compared to homes built over a century ago. Still, the age of the house is something that home appraisers will weigh up during the appraisal process.
Location
The location of a property holds a lot of weight in the appraisal process. Appraisers will consider the crime rate of the location in which the property is set, as well as analyze its proximity to amenities and facilities such as police stations, schools, hospitals and more. Adjacent houses will also be considered during the appraisal process. Some things they will also consider are:
- Whether a house is located on a busy street
- If it is located close to repossessed, renter- or owner-occupied houses
- Whether it is located in a suburban, urban or rural area
General Condition
An appraiser will conduct an overview of the property they are assessing. They will consider the materials used to construct the home, the condition of a property, and any other physical aspects of it that might cause potential problems for future owners. When it comes to selling your property, you need to ensure that it is in tip-top condition.
Home Improvements
On that same note, appraisers will consider any areas in the house which have been upgraded, especially the kitchen and bathrooms. It is to a property’s benefit if it has environmentally-friendly components such as energy-efficient appliances. Amenities such as fences, porches and fireplaces will also be an advantage.
Getting a Good Appraisal
Getting a good appraisal is key to a successful property sale. Knowing what appraisers are looking for can help you prepare your property beforehand. Engaging the services of an experienced and reputable property agent can help prep you for dealing with the various steps and nuances of selling your property. Another good thing to consider before you embark on the property selling process is knowing what deters potential home buyers. Always put yourself in the shoes of someone looking for a new home – both the big and small things are key, so you’ll want to be sure that you go into the process of selling a property equipped with as much information as possible!
