#CHECKLIST FOR HOME APPRAISAL PROFESSIONAL#

How does one best prepare for a home appraisal? We put together a checklist of common (and not-so-common) tips to help you get a high valuation from your appraiser. Whether you choose to address the correctable concerns or not, being aware of crucial appraisal criteria can help you avoid the potential unwelcome surprise of a lower-than-expected home value. Some issues are in your control and some may not be.

Outdated or faulty plumbing, electrical and heating systems.

Hazardous construction materials like lead paint or asbestos tile.

Issues with the home’s systems, such as plumbing, electric or HVAC.

Signs of mold, insect infestation, leaks or other safety concerns.

Location, such as a flood zone or busy road.

Low-value comps and decreasing neighborhood property values.

If an appraisal is in your future, it's essential to understand the factors that could negatively impact it, such as the following: This can include anything from the central air system you installed 10 years ago to the kitchen flooring and countertops you just renovated (along with the new oven and fridge to match, of course).

Tell your appraiser about any work or upgrades you have done to spruce up your home. An appraiser will also evaluate your home's foundation and its condition. A finished basement or attic may impact a home's value, but these areas must meet specific requirements to be considered part of the Gross Living Area (GLA). Any kitchen appliances to be included in the saleĪttic, basement and foundation.Again, this refers not only to the appearance of the interior but also to the working condition of standard household assets such as: Pool, outdoor kitchen, deck, porch and other amenities.Lot size, including front and backyard square footage.The condition of the roof, foundation, siding, gutters, chimney and walls, looking for signs of leaks, mold and other safety hazards.When assigning a value to your property, the appraiser will consider not only the exterior appearance of your home but also its condition. An appraiser will also look at the kitchen, number of bedrooms, bathrooms and closets.Įxterior condition. In general, the higher the square footage of a home, the higher its value. In real estate appraisals, size significantly affects the final number. Common factors examined during home appraisals include: As part of the assessment, the appraiser will visit the property in person and review recently completed sales of comparable homes. What Do Home Appraisers Look For?Ī home appraiser uses several sources of information to determine a property’s value. Once your appraiser compiles and analyzes all the information and data, they will present a final report of your home’s value. Your appraiser will research trends, local county records and recently closed comparable homes in your area, known in the industry as 'comps.'

#CHECKLIST FOR HOME APPRAISAL PROFESSIONAL#

However, several other steps are involved in making an unbiased and professional assessment of your home's value. The required in-person visit by a home appraiser can take over an hour, depending on the size of your home. How Long Does a Home Appraisal Take?įrom start to finish, the home appraisal process usually takes approximately 7-10 days to complete. Most fall somewhere around $600-$1,000, with costs based primarily on the geographical area of the home. While home appraisal costs can vary by state and property size, the fee can range between $300 and $1,200. They must take into account all factors that influence a home’s value when developing the market value opinion in the appraisal report. It’s the appraiser’s job to provide a factual, unbiased and detailed description of the property and the neighborhood. For most loans, the lender obtains a signed and completed appraisal report that accurately reflects the market value, condition and marketability of the property. The lender is responsible for ensuring that your home provides adequate collateral for the mortgage. Appraisals are an essential part of the home financing process, ensuring the homebuyer, seller and mortgage lender each have an impartial, consistent and accurate assessment of the value of the property under consideration. What Is a Home Appraisal and Why Is It Important?Ī home appraisal is an unbiased report on the value of your home performed by a trained and state-licensed individual. But first, let’s quickly cover the basics of home appraisals. We put together a checklist of our top tips below. You may feel that the appraisal process is out of your control, but there are many easy and inexpensive ways to get both yourself and your home ready. Whether you’re selling your home to begin a new adventure or refinancing your existing home, getting an appraisal with the value you want is an important hurdle to clear.

Checklist for home appraisal