If you’re ready to buy a home, the lender will probably require an appraisal by an objective third party to ensure the property is worth what you’re paying. By comparing the house to similar properties and conducting a thorough inspection, the appraiser will determine the actual value of the house. To make an accurate assessment, a good appraiser will examine almost every aspect of the home, from the basement to the attic.
What a Home Appraiser Checks
1. Square Footage
Along with location, the size of a property is one of the most important factors influencing its selling price. Before they even show up, the appraiser will look up recent sales in the area to see what properties with similar square footage are going for.
While many other problems are easily repaired, issues with the roof or foundation could seriously diminish the value of a home. Expect the appraiser to focus closely on the visible parts of the foundation and the roof, where they’ll look for missing shingles, sagging rooflines, and other signs of potential trouble.
3. Condition of the Room
Inside, the appraiser will go from room to room, looking at the condition of the walls, windows, and doors. Before you buy a home, they’ll also make sure all the plumbing is working correctly, whether the power outlets work, and what shape the kitchen appliances are in.
4. Your Improvements & Additions
Home remodeling projects, HVAC upgrades, and adding rooms can dramatically increase your property’s value. The appraiser will likely spend time examining any improvements the homeowner made, checking for quality of construction and whether everything was done safely.
If you’re going to buy a home in the Red Wing, MN, area, Lawrence Realty Inc will guide you through every step of the process, from the initial search to the appraisal and closing. This team has served hopeful homeowners for nearly 70 years, earning a long-standing reputation for helping clients find their dream houses. To start browsing houses for sale, visit their website or follow them on Facebook, and call (651) 388-4745 to speak with an agent today.