Real Estate Appraisal

One of the most critical parts of getting a mortgage is the Appraisal. The purpose of an appraisal is to confirm the home value for the lender.

An appraisal is a professional estimate of the value of the property that you are planning to purchase.

 

What Do Appraisers Look For When Determining A Property’s Value?

Most people are surprised to learn what appraisers actually look at when determining the value of a real estate property.

A common misconception homeowners generally have is that the value of their home is determined after the appraiser has completed their physical property inspection.

However, the appraiser actually already has a good idea of the property’s value by the time they have scheduled an appointment to stop by the property.

The good news is that you don’t have to worry so much about pushing back an appointment a few days just to “clean things up” in order to help influence the value of your property.

While a clean house will certainly make it easier for the appraiser to notice improvements, the only time you should be concerned about “clutter” is if it is damaging to the dwelling.

The Key Components Addressed In An Appraisal

 

The Site: 

Location, view, topography, lot size, utilities, zoning, external factors, highest and best use, landscaping features…

Design: 

Quality of construction, finish work, fixed appliances and any defining features

Condition:

Age, deterioration, renovations, upgrades, added features

Health & Safety: 

Structural integrity, code compliance

Size: 

Above grade and below grade improvements

Neighborhood: 

Is the property conforming to the neighborhood?

Functional Utility: 

Is the property functional as built – style and use?

Parking: 

Garages, Carports, Shops, etc..

Other: 

Curb appeal, lot size, & conforming to the neighborhood are obvious to the appraiser when they drive down into the neighborhood pull up in front of your home.

When entering your home, they are going to look at the overall design, condition, finish work, upgrades, any defining features, functional utility, square footage, number of rooms and health and safety items.

Be sure to have all carbon monoxide and smoke detectors in working condition.

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© 2019 by

Gary Lentz. ​

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Santa Rosa, CA  95403

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