An appraisal is a crucial step in the sale or purchase of your home. A professional appraisal is required by lenders to determine the true worth of your home. What are the areas that an appraiser should examine in an appraisal. These are the five key areas that an appraiser will examine when determining the market value of your property.
Exterior
Start with the exterior of your house. An appraiser will evaluate the fixed features of your home. It will also take into account its location, age and structure. The Brooklyn Real Estate Assessor will consider the following factors:
- The construction quality
- The condition and safety of the driveway, foundation, roof, and roof
- How it compares with others in your area
Interior
Your home’s interior condition will determine its worth, no matter how beautiful or well-maintained it is. A Brooklyn Real Estate appraiser will also look at the condition of your bathroom and kitchen including flooring and plumbing.
Specifics about your home
Next, the appraiser will evaluate the size and condition your house and lot. Because buyers want larger properties and homes, bigger lots and houses are more costly.
A home with a larger backyard and more bedrooms will have a higher market value. A home appraiser will take into account the number of closets, extra rooms such as laundry rooms and mudrooms when valuing your property.
Upgrades
Renovating your home should be considered during an assessment. A fresh coat can be a great addition to your home, even if it is only cosmetic.
It is important to upgrade older homes with electrical and plumbing upgrades.
Add-Ons
Your home will be valued for any additional items. The following are other items you might consider:
- A fireplace
- Security system
- central-air
- The garage and additional features
- An in-ground swimming pool
- A well-maintained deck is an asset
You can’t influence an appraiser to give your home a higher appraisal, but there are things that you can do. To help you determine if your house needs repairs, upgrades, or a facelift, learn about the criteria used by appraisers.
Even if your budget is not sufficient, understanding the appraisal can prepare you financially and mentally for the final decision.