Since you started considering selling your home, you’ve probably asked yourself, “what’s my home worth?”
You might even have a rough estimate of your property— an amount you’ve determined based on the cost when you bought it and how much you invested in it through the years.
However, even though you settled on a price with a buyer (and unless they will pay in cash upfront), this is not a true indicator of your property’s real worth. You will only know after an appraiser has thoroughly inspected your property.
An appraisal is an unbiased professional opinion of a home’s value. It is almost always used in every real estate transaction to determine if the property is really worth the contract price being negotiated. You can also use an appraisal in refinance transactions. This will assure lenders that the money you’re borrowing is proportional to your property’s real worth.
Therefore, in order to get the best price for your house, it is imperative that you hire an appraiser. Typically, they will look at several aspects of your property to calculate its worth. Here’s what they’re looking for.
Components included in most appraisal checklists
The exterior of your house includes the foundation of the whole property, the walls, and the roof. The whole property relies heavily on these components, so their condition at the time of appraisal will greatly affect the overall worth of your house.
Appraisers will generally look for any defects or damages in the general construction of the property; therefore, it’s best if you can preserve the condition or make repairs to these components before the appraisal.
2. Property Size
It’s no secret that when it comes to the value of your home, one major factor is the size of your lot and property. Meaning, a larger lot with multiple bedrooms and bathrooms will be priced higher than one with only a few bedrooms and a limited yard.
A spacious property can be appealing for certain home buyers since it gives them the freedom to modify the property as they see fit. This is why the square footage of the home is a big factor in the appraised value of any property.
3. Interiors and Finishing
The exterior of the house needs to impress the appraisers, but the interiors and finishing have the final say. Of course your property’s roof, siding, and foundation are critical; however, if your windows, doors, flooring, and kitchen need some work, then you might still be in trouble.
Additionally, appraisers evaluate your house’s plumbing, electricity, insulation, light fixtures, and appliances.
4. Home Improvements
Appraisers will also look into the renovations and improvements that have been done to the house. If the property has modern renovations and high-quality appliances, then their recommended price will increase.
Renovations indicate that the previous owners invested in efforts that should (hopefully) make the house last longer. This will reassure the buyer or lender that their investment will also go to a property that will stand well. That is why even the smallest home improvements matter to the overall appraisal.
5. Extra Features
Lastly, appraisers will consider any extra features on the property. This includes anything from a well-manicured lawn, a sprawling backyard, a pool area, or a spacious basement.
All of these will greatly contribute to the overall appraisal of the property. No matter how small these can be, these can prove that the property is indeed worth the investment.
How to prepare your home for an appraisal
As a homeowner, make sure that you have thoroughly inspected every nook and cranny of your property before your scheduled appraisal. If you see areas that need improvement, it would be in your best interest to address and repair them immediately.
You can start by going through these components:
- Improving the overall landscape and curb appeal
- Repairing and repainting old walls
- Updating lighting and ventilation fixtures
- Keeping track of all the renovations and improvements you did to the house
If you need more guidance, you can approach skilled Davenport real estate agents who can help you with an appraisal and appraiser recommendations.
At Florida Realty Marketplace, we will provide you with top-notch insights on the market and how to get the best price for your home. Contact us today to speak to a local real estate agent.