A house assessment is a vital step in the process whether you're buying, selling, or even applying for refinancing a home. Because of this, it's important to know what an appraiser looks for when they come. Let's examine a typical appraiser's checklist in light of this and how the various items may affect their assessment.
Basics of Home Appraisal
Generally speaking, house appraisers examine the size and overall state of the property. They will also take into account the cost of the facilities and any house renovations that have been made. They will also take into account a number of factors that are unrelated to the property itself, including the area and comparables in the nearby market.
Checklist for Home Appraisers
The most typical elements a house appraiser will consider are listed below.
Exterior
Property age and size
The condition of the property compared to neighboring homes:
Foundations
Windows
Exterior walls
Roof, gutters and downspouts
Front and backyards
Driveway and other parking amenities, including the garage and the number of vehicles it can accommodate
Accessory Dwelling Units (ADUs)
Utilities:
Gas, electricity and water systems
HVAC unit
Sewer/septic tank
Solar panels and other energy-efficient systems
Pool, porch and other outdoor amenities
Evidence of pest and water damage
Interior
Floor plan and gross building area:
Total number of rooms
Number of bedrooms and bathrooms
Building materials and their condition:
Floors
Walls
Trims
Doors
Type and condition of appliances:
Stove
Oven
Washing machine
Dryer
Fireplaces
Style of home and type of decor:
Modern
Dated
Evidence of mold, pests, water damage, etc.
Home improvements and renovations
Attic and basement condition:
Renovated/habitable
Unusable space
Storage potential
Sump pump in the basement
Neighborhood
Location;
Rural
Urban
Suburban
Zoning:
Compliance with local laws
Condition of streets and neighboring properties
Local market:
Number of properties sold in the area
Are prices rising or dropping?
Proximity to desirable amenities:
Schools
Shops
Public transit stations
Proximity to undesirable amenities:
Landfill sites
Power plants
Airports
Likelihood of being affected by natural hazards:
Flood zone
Hurricane or tornado risk
What May Raise the Appraisal Value of a House
Every item on the checklist will have some bearing on the estimated worth of the house. The appraised value will almost always increase if the amenities and structural components are in good working order and condition. Energy-efficient amenities and any recent renovations (as long as they were done to a high standard) will also be a plus.
Having quality materials in the home, such as granite countertops and hardwood floors, will also typically increase the value compared to homes decked out in cheaper alternatives.
What May Lower the Appraisal Value of a House
The value of the house will decline due to a number of circumstances. For instance, a property in need of repair will be worth less than one that has recently been renovated. The biggest issues are structural flaws, such as problems with the roof, the foundation, or the walls.
Minor issues like mold, water damage, pest infestations, or even outdated furnishings and appliances can lower a home's value. One thing to keep in mind is that older homes will typically be valued lower than new construction because they are perceived to need more maintenance.
