How does a Home Appraisal Work? According to one of the most famous real estate websites, spring through summer are the busiest time for buying and selling homes in the market. The days are longer and the weather is cooperative to go on long tours to search for the house. Moreover, the spring weather adds extra texture to the curb appeal of the home. However, before you dive into signing the paperwork to get the home, we would recommend you to get the home appraisal done.
Difference between Home Appraisal and Home Inspection
The appraisal is somewhat similar to the home inspection, but it has an extra feature, such as it included the evaluation of the areas both inside and outside the house. The appraiser looks for the value of the house, while the inspector looks for the functions of different parts of the house.
The appraisal helps in determining the value of the home and the person might also end up doing some of the inspector tasks, such as finding faults in the house. The main function of the appraiser is to ensure that the house is worth buying. The appraisal helps in finding the right market value of the house and the appraiser has to determine it.
The role of the inspector is more related to find the defects in the home’s structure to ensure that the person buying that home is not getting a faulty place. These kinds of issues cause hazards to health or safety and the main concern of the inspector is with the safety of the buyers instead of the price of the home.
Home Appraisals can benefit Buyers and Sellers
Usually, the home appraisal is performed at the request of the buyer during the purchase time. This helps the buyers to avoid purchasing a home that is costly and not worth the amount. Moreover, when it comes to the perspective of sellers, appraisals help the sellers to make such repairs that they forgot or left and also to upgrade different areas to enhance the selling option of their home.
What is on the To-Do list of Home Appraiser?
You might be wondering what is that the home appraiser is going to look for when he/she will see the house. We have listed some of the items that would clear your confusion.
The appraiser would at first see the ground size of the home, the curb appeal and how it can increase the value of the home. Things like in-ground pools, decks, porches are part of the ground area which increases the value of the home.
Interior and Exterior Structures
The structure of the home is what makes the real difference in the value of the home. It includes the number of bedrooms, their sizes, and the whole layout of the house along with the other factors.
Walls and Foundations
The appraiser will take note of the condition of the material of both walls and foundation of the house whether it is brick or siding or anything. The better the condition, the higher the value of the house would go.
Kitchens and Baths
The appraiser would look for any kind of damage to these areas and how old are they. Moreover, he/she would also look at whether the buyer would have to spend some amount on these two places after buying it.
Electrical, Plumbing and HVAC
The appraiser would check all these three items, their condition, their working and effectiveness. If there is any damage to any such part, it will be reported.
Roof, Windows and Doors
The appraiser would also take a closer look at the roofs and windows as they are expensive to be replaced. Moreover, their condition will have an impact on the price of the house. The doors of the house are also important and if they are energy-efficient, that’s a plus point for the seller.
Amenities and Upgrades
If there is anything extra that is adding to the curb appeal or value to the price of the house, it will be added to the list. Moreover, these kinds of items sometimes really make a difference in the value of the house.