When purchasing a home, you will normally have a home appraisal done to ensure the sale price of the home matches the home’s value. This will entail having a professional home appraisal done. But what does that mean? What does an appraiser look for when going through the home you are looking to purchase? We’ll outline that for you here and show you why it’s always an important part of the home buying process.
The appraiser is going to be comparing your home in other homes in the area, so they will be looking at the size and overall condition of your home into their analysis. If you own a 3-bedroom home in Council Bluffs, they’ll be comparing your home to other comparable 3-bedroom homes in Council Bluffs in the neighborhood, your home’s physical condition, and square footage, zoning and other factors that cannot be changed.
Your Home’s General Condition:
The appraiser is going to evaluate the physical aspects of your home. This includes materials used throughout the home and is it structural safe to live in. They will then look at the overall upkeep of the home. This entails broken windows and doors, ripped flooring, cracked walls, broken appliances, leaky faucets, and other maintenance related issues.
The Exterior of the Home:
Again, the appraiser is going to ensure the home is structurally sound. They will then proceed to check the roof for signs of leakage or infestation and general quality. They will also inspect the chimney, siding, gutters, porch, and deck areas, looking for signs of water or structural damage. They will also access any outbuildings on the property that are included in the sale of the home.
Water Damage:
You’ve probably noticed that this has been an area that is repeatedly checked by inspectors. If a home has had water damage, other issues can occur. If a home has had water in the basement, plumbing issues, or roof leaks, they’ll be able to identify them by stains or cracks on the ceilings and walls or flooring. If a home has had substantial water damage, then dangerous mold and mildew and possibly rotting wood can be present. All of these can pose respiratory issues for potential homebuyers.
The age of the Home:
The age of the home will always play a role in determining value. That certainly doesn’t mean that a Historic Home is valued less. Most older homes have been meticulously maintained and therefore have held their value over the years. The same goes for newer homes. Just because a home was newly built within the last 5-10 years, doesn’t mean a home appraisal isn’t necessary. All components will come into play with the appraisal.
The Size of the Home:
Remember, during an appraisal, you are being evaluated against comparable homes in your area. They will evaluate your square footage, number of bedrooms, the size of your lot, whether or not you have a garage and the size of the garage.
Home Improvements:
The appraiser will always take notes on any recent renovations and upgrades especially those that include energy efficient appliances, energy efficient windows and doors, and other eco-friendly features. They’ll also note the addition of new central air, roof, siding, garage, new front door, hardwood flooring, deck, porch, patio or fencing in of a yard. All of these can have a positive impact on your appraised value.
Safety Features:
An appraiser will always note safety features within the home as well. Smoke and Carbon Monoxide detectors on every level of the home. They will also note any additional safety features the homeowners have enabled.
A typical appraisal lasts approximately 1 hour and costs between $300- $500 but is an invaluable tool when purchasing a home. Always choose to lean on the advice of your trusted real estate partner for guidance throughout the home buying and selling process.
Do you have questions regarding home buying or selling in the Council Bluffs or Omaha area? Please feel free to call or email me to set up a time to talk personally. You can also peruse my website for great information.
Rob- 402-981-6999
