One of the most stressful things in life is selling your home, mainly because of all the hoops you must jump through to cross the finish line.
Image Source: pexels.com
An appraisal is one of those hoops that may cause a significant headache. Learn about some factors that could affect your home’s appraisal.
1. House Basics
If you’re a baseball fan, you probably like to collect cards and look at the back of them for a player’s essential statistics. Appraisers also do this when it comes to your home, looking for the figures of the most critical elements of the house.
If your home had its own card, its statistics might include its age, design, and square footage. Those will give a buyer a general idea of what they’re getting. Of course, they’ll also be interested in a wide variety of other things about your house, but those are the basics that matter to everyone.
2. Location & Surroundings
When you’re getting close to putting your house on the market, you’ll want to look at the other homes in your neighborhood that have recently sold. If there’s a significant jump in selling prices, it may be the opportune time to sell.
Various factors matter for location, with highly rated schools being the primary one. Other considerations include the crime rate, conditions of the roads, and distance from major cities.
What good is a house if it’s on a lousy foundation? A weak foundation is often the biggest red flag for an appraiser. If the home is old, that likely means the foundation is more fragile than those of newer homes.
Image Source: encorehouselifters.com
For example, homes with helical pier foundations can last over 100 years due to their strength and durability, giving your home a high mark for appraisals.
4. Number of Bedrooms & Bathrooms
Bedrooms are huge selling points; hence, the number of bedrooms in your home significantly affects the appraisal. Generally, homes with only one bedroom lack interest, as no family will give it their attention if it doesn’t accommodate their needs.
Therefore, the more bedrooms you have, the greater the likelihood you’ll get the return you seek. If any home renovation project is worth doing before you sell, it’s adding another bedroom, if space permits.
5. HVAC System
A heating and cooling system is like the heart of a home. Most homes have central heating, but how it generates heat is integral. If you don’t have a functioning heating unit, this will be a substantial hit to the value of your home. Plus, if the system is outdated, the price in your home’s appraisal will also trend downward.
Image Source: pixabay.com
Central air conditioning, on the other hand, isn’t in every home; it’s a delicacy that will shoot your appraisal skyward. Investing in a new, quality unit will cost tens of thousands of dollars, so getting the best you can afford can be a tall task. But it does help when an appraiser is making their final evaluation.
Taking all these factors that could affect your home’s appraisal seriously will help you not feel blindsided when the appraiser comes back with their report. An inspection is a crucial element when you’re trying to sell because a bank won’t offer any leeway if the buyer wants to purchase the home for more than the original appraisal.
Thus, getting the highest, most accurate assessment benefits all parties involved.
Leave a Reply