A true appraisal of the worth of a house is often very tricky. The moment you decide to sell your house and the news starts circulating in your neighborhood; you will be approached by many a person. But don’t trust them. They can be touts disguised as an appraiser or a realtor. In this regard, the best bet for you is to consult either a professional realtor or a property appraiser. They will always give you the correct appraisal. Appraising the worth of a house is not everyone’s cup of tea. The person whom you are taking advice from should be very much familiar with both the neighborhood where your house is located and the economic condition of that area, as well. So, it is highly desirable to spend some money on hiring the service of an experienced realtor before you proceed and seal a great deal.
Key factors to know about home appraisals
One important factor that determines home appraisal is the cost of the service. It is usually not a low-cost affair to get one’s house appraised by professionals. Knowing how much is my house worth may involve hundreds of dollars depending upon the condition and size of the property. According to the guidelines stated by the concerned authority of real estate appraisals, the professional who is doing the appraisal should be qualified and certified. Other key factors that determine the appraisal are the amenities within the particular property, the number and size of the bedrooms and washrooms, and the functionality of the floor plan.
Important features to be included in an appraisal report
Before making a final appraisal report, the appraiser must conduct a detailed visual inspection of the exterior and interior of the property. During this inspection, the physical condition of the property is also taken into account. It is determined whether there is a need for any repair or not. Besides a detailed description of the exterior and interior parts of the property, the appraiser also seeks to know about the neighborhood and the comparative property prices that are trending there currently. Some other factors to be taken care of in doing an appraisal include:
- Process of square footage calculation in detail.
- Map of the exterior part of the property.
- Street map to show the location of the property.
- Photographs of the front and back parts of the property.
- Public tax record data.
- Public land records data.
- Market sales data to assess the fair market value of the property.
Appraisal serves as a guiding force
Getting an appraisal is a guiding force behind the idea of how much is my house worth. Whether you are a home buyer or a home seller, an appraisal is something that is a must for you to follow. If you are a home seller, you must know that a low appraisal means you have to bring down the price of your property to sell it. In case someone wants to buy your property without completing the formality of appraisal, it is very unlikely that it would work. There is no escape from appraisal, even if you are offering your house as a gift to any of your family members.