An appraisal is something that every homeowner will have to deal with at some point or another. Unlike the appraisal number you got when you purchased the home, you do have some modicum of control over it as the owner.
Still, a home appraisal is the unbiased opinion of an expert so there will be factors that are out of your control. Here are some of the factors that will have an impact on your home’s appraisal:
Location
One of the most common cliches in the world of real estate is that “it’s all about location.” But there’s obviously some truth to that. Homes of the same size in the middle of a trendy neighborhood in a city and in the most rural area of a state will be appraised differently. The appraiser will also consider how close your home is to your neighbors and the street, crime in the area, local schools, the state of the roads, and whether there are many vacant or poorly maintained homes in the area.
Size
The square footage of your home will be an important part of the appraisal as will the distribution of that space. Older homes may have strange layouts or smaller rooms that may not serve you well in a modern appraisal. The number of bathrooms and bedrooms will also be important, especially relative to other homes in your neighborhood. Storage space is also important so homes with walk-in or larger closets will also have a better appraisal.
Condition
This is the factor you have the most control over as a homeowner. For example, curb appeal is an important factor so you should make sure the paint and shutters on the front of your home look at least as nice as the other houses in the area. Another important suggestion is to keep up on maintenance. Deferring your maintenance for enough time can lead to further damage, costing you more and hurting you on your appraisal. Overly-personal renovations can also cost you on the appraisal.
Market
Local and national factors will play an important role in your appraisal. The appraiser will analyze the market to forecast supply and demand and determine if sale prices are increasing or decreasing in your area.
If you’re in need of an appraisal, hire someone with all the needed qualifications and who knows your area well. In and around Auburn, AL, Atlas Valuation is the place to call. We can use our years of experience to help you get an accurate and objective appraisal. Call us today at 334 737-6993 to get started!
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