What factors are included in figuring out an appraisal for a home?

Question

We just bought a house and wanted to know how they determined was the appraised value was.

Answer 1

An appraisal will compare your home to (generally) 3 recently sold, comparable homes in the same area. Ideally the homes are exactly the same, but in reality they generally have to make some adjustments in price to allow for difference such as garages, extra rooms, differences in size, etc.

For residential properties they often also will estimate the value by replacement value - what it would cost to build the same home now less depreciation for age and condition.

For investment properties they will also compute value based on an income analysis of the property.

Appraising is not an exact science, and 2 different appraisals can come out with different numbers. Ideally they would be fairly close to each other.

Answer 2

regularly an appraisal for a trailer set up on internet site takes those issues into attention. The out construction and the pond are centers for which some will pay a top rate yet some won't so it relies upon on the community industry for the form of abode you have. possibly those residences as a rule sell properly on small plenty or in parks and not on acreage. that's what your appraiser is meant to contemplate into the mixture while making the appraisal, to boot to the preliminary high quality of the abode and the present concern. I neglected it at first in spite of the incontrovertible fact that it form of feels you're conversing some "tax" assessment from the County or State appraisers place of work and how those are dealt with could be distinctive than what I certainly have defined above. In some places trailers and "synthetic residences" are nevertheless seen distinctive than stick geared up residences and so the fee of the area consists of the utilities etc however the 'abode' is valued as though it weren't fastened to the area. for a maximum appropriate appraisal you ought to hire a expert who does value determinations in specific for the abode industry.

Answer 3

Home appraisals are based almost entirely on comparable sales. Specifically, the appraiser compiles a list of similar homes that have recently sold nearby and adjusts for things like size, age, and condition.

Answer 4

A lot of time the most important aspect is the homes in your neighborhood comparable in size, floorplan, and amenities....i.e. comps. (the ones that have sold within the last 5 or so months). Then adjustments can be made in case your home has particular upgrades like swimming pool, fireplace, wood/tile flooring, etc.

If you have a custom home, the process is more intensive, and there's other approaches an appraiser uses. Hopefully that helps too.

Answer 5

I know the age of the roof is a very important factor. I'm pretty sure, foundation,wiring, plumbing, & heating system, are factors too. Also if there's an attached garage, that's a factor also. Some cosmetic improvements will be considered also. ie: deck, pool, new windows, etc.

Answer 6

It is mostly based on two things:

1. What other homes in the area recently sold for

2. Size--square footage (lot and house)

(This is why it's best to get the cheapest home in a nice neighborhood vs. the most expensive home in a neighborhood.)

Answer 7

Value is simply based upon comparing homes sales in very close proximity to yours of like properties. Age, condition, size, bedroom and bathroom count are all used in the comparison.

Answer 8

well, i JUST went thought this myself...and here's what i gathered...they take into account everything structural about the house (roof, foundation, plumbing, wiring, etc.) as well as "cosmetic" things that have been added to the house (pools, decks, etc.) then there's square footage, acreage of the land, property values in the neighborhood...pretty much anything you can think of AND MORE...congrats on your new home!

Answer 9

They base it on size, number of rooms, age and condition of the home, location, type of siding, type of roof, type of heating system, the condition of plumbing, wiring, etc,, existence of "extras" like landscaping, pool, hot tub, garage, outbuildings, and a comparison to other similar homes in the neighborhood.

Answer 10

they figure it out by seeing how good of condition your home is in (no major work needed = higher value) how much property goes with the house...if you have a pool, garage, or any other additions add value too...