To do either of these, you may need a home appraisal. This also includes the value of the land where the home is built. Note that a home appraisal is different from an inspection. Walk out front and look at your home with fresh eyes. Are there weeds in the yard or driveway?
These are all minor issues you can take care of rather quickly. Create a home appraisal checklist in the weeks leading up to your appointment. Then do a few projects or repeat some tasks each week. Leading up to your home appraisal, consider watering your outdoor plants a bit more. Be sure to check for any chipping paint that you could touch up if you have the supplies. Keep some of these minor touch-ups in mind for the interior of your home too.
And remember: a decluttered and clean home will feel more expensive. Make sure the appraiser feels comfortable. Is it a hot or cold day? Make sure to set your air conditioning or heater to a comfortable temperature. Even turning on some fans can make a difference. While candles are nice, be wary since everyone prefers different scents and some have allergies. Perhaps light a candle or two and make sure to blow it out an hour or two before your appraiser arrives so the scent is more subtle. Fix or replace all non-functioning door latches or handles, torn window screens, and even worn-out carpet.
Also, make sure basic plumbing and light fixtures function correctly. Possibly even more than the amount you spent. Basically, if elements in your home are in disrepair, their perceived age will be higher. Think of these small repairs as the tipping point.
If the appraiser sees lights or doors not functioning properly, they may wonder if the homeowner has kept up with larger home repairs. Check this list for common repairs such as:.
Make sure to check your safety devices. When using the URAR, the appraiser is obligated to inspect the home's fixed qualities, such as its structure, age and location. Specifically, with regard to the exterior of a property, an appraiser looks at the site, the quality of construction, the integrity of the roof and foundation, any issues with the guttering or siding, parking facilities and the home's observable external condition.
The neighborhood also has an impact on the home's value. Inside the home, the appraiser is chiefly concerned with total square footage and functional layout — how well the space is used. She checks the number of bedrooms and bathrooms, the size of key rooms such as the kitchen compared to the size of the other rooms in the house, the heating, electrical and plumbing systems, health and safety issues such as fire escapes and handrails, the number and quality of appliances, and the condition of the interior surfaces of the home.
If the home has had a major remodel, the appraiser checks code compliance and the structural integrity of the walls and load-bearing beams. Appraisers are primarily concerned about the condition of the property, its layout and size. If you are obtaining a government-backed loan — such as a VA or FHA loan — certain safety features will need to be in place.
The appraiser will look for smoke detectors on every level of the home, handrails on all staircases, and other safety details. While the process behind a home appraisal and home inspection may seem similar in that they both involve analyzing the home's condition, they are two very separate processes.
A home appraisal is used to determine the value of a home, whereas a home inspection considers a home's condition to ensure it is habitable. An appraisal is typically much shorter than a home inspection, as a home inspection usually lasts several hours and involves a thorough analysis of the property's condition. The appraiser communicates with the mortgage lender on the amount the property is worth, whereas the home inspector communicates with the buyer or seller of the home on structural problems or repairs that are needed on the property.
A home inspector will provide information on how to fix any problems encountered during the inspection process, whereas a home appraiser will not provide details on how to repair the issues they find.
Appraisers are licensed professionals who do not have any ties to the mortgage lender, buyer, or seller. They must be a neutral third-party who can provide a fair, unbiased appraisal of the home. Appraisers must typically go through several hours of training, depending on the state where they are becoming appraisers. The buyer typically pays for the appraisal, but the mortgage lender is usually the one who will order it. If the sale doesn't end up going through for whatever reason, the appraisal fee is typically non-refundable.
A home appraisal is much shorter than a home inspection. The home appraisal typically only lasts about 30 to 45 minutes in total. While conducting the appraisal, the appraiser will take pictures of all rooms in the home, the garage, and the outside of the home. They will also measure the home and examine its overall condition, upgrades, amenities, and any other aspects of the home of note. After conducting the property's physical appraisal, they will then analyze comparable homes in your neighborhood and assess the size and sale price of homes nearby.
If you are applying for a mortgage, they will then factor in your credit history, income, assets, and other financial details to determine a loan amount. If that happens and you still want the home, you will, unfortunately, have to increase your down payment to get the same interest rate. While it is very hard to change the outcome of an appraisal, there are ways to help the process go smoothly and increase your chances of getting a better appraisal report.
The appraiser will consider the property's curb appeal, so spend time on the landscaping and overall exterior of the home. If repairs are needed on the house, such as fixing a faulty door or ripped up carpeting, it is best to make these repairs in preparation for the appraisal. If you have made considerable upgrades and improvements to the home, provide a list of all upgrades for the appraiser's review.
This might happen if you feel that the appraiser missed significant or unique characteristics in the home or excluded certain comparable homes in their analysis.
Unfortunately, rebuttals are not always effective, as appraisers usually will not change a home's valuation. However, depending on the circumstances, it may be worth it to try. What do home appraisers look for is the question everyone wants to know since it is such an important part of the home buying process. A trusted real estate agent will help guide you through the process and will be available to answer your questions when the appraisal report is sent.
If you are thinking of purchasing a home in Charlotte , please connect with us today so one of our local Realtors can assist you! Hi there! My name is Ryan Fitzgerald, and I have a passion for everything real estate! My goal is to help you learn more about real estate through our Real Estate Blog whether it's the best places to live, move to or invest in real estate! Hopefully, you enjoyed the above blog post and it found a way to provide help or value to you.
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