If you’re looking to buy a home, your lender will likely hire a real estate appraiser to ensure that the purchase price is justified. These qualified professionals will review various aspects of the property to determine how much it’s worth in today’s market. If you’re new to the process, here are a few details to know about home appraisals and how they’re an instrumental resource for real estate transactions.

How Does a Real Estate Appraiser Determine Property Value?

While it’s easy to estimate a property’s value based on general factors like square footage and location, real estate appraisers go in-depth to determine how much a home is worth. To start, these professionals will review public records to ensure the property doesn’t carry any legal obstacles with zoning and land use issues.

Next, they measure the exterior to insure correct size of the home and will perform a thorough room-by-room walk through of the interior to document the condition of the property. Photographs and other documentation can pinpoint issues that may detract from the value, like health and safety code violations. They may also highlight features that can add to the total price, such as remodeling and upgraded materials.

This process is then repeated for the exterior to check for structural and layout issues, although not experts in structural issues the trained eye will spot possible issue and ask for an expert in that area of concern.. Additional structures, such as sheds or swimming pools, will also be evaluated.  The we review comparable sales in the area of your home. Once all documentation is collected, appraisers will prepare a written report that details all the factors that determine the market value as it compares with similar properties.

What Are the Benefits of Appraisers?

While a homeowner may have paid a certain price for a property, the actual value at the time of sale may be lower or higher depending on its overall quality.  The odds of the appraised value being the same number as the sales price number are almost non existent..

Since appraisers have an in-depth knowledge of current market stipulations, building codes, and regulations, they can come up with a number that is both accurate and fair. This number helps streamline the negotiation process so that sellers can know just how much to price their property and buyers can avoid paying too much for a home.

Apart from real estate transactions, these home appraisals may also help homeowners adjust their property tax demands and address estate planning needs.  Appraisals also used to help assist in setting a realistic sales price to sell the home quickly.

If you’re planning on buying or selling property, contact Caddell Appraisals to help simplify the valuation process. Serving Estes Park, CO, and the surrounding areas, this real estate appraiser has a solid track record of accurately pricing family homes, vacation properties, and land. Committed to client satisfaction, this appraisal company takes pride in providing in-depth appraisals in a timely fashion. To learn more about their services, visit these experienced professionals online or call (970) 577-9545.