Real estate appraisers are experts who assess the value of a property and help buyers and sellers find the best price for their homes. They are on the front lines when it comes to property valuation. They use their knowledge, experience, and expertise to determine any property's fair market value. They typically work in real estate appraisal firms or as independent contractors.
If you're interested in knowing a piece of real estate's potential value, you usually ask a real estate appraiser for a more accurate account. You can also check out these eight common factors that real estate appraisers look for in a house to give you a general idea of what can determine the value of your property.
1. Real Estate Age (Year Built)
The real estate age is the number of years a house has been on the market. Appraisers use this as a factor to determine a house's value.
One can determine the real estate age of a property by looking at the listing history and asking when someone first listed the house for sale. A three-year-old property would have a real estate age of three years, while a six-year-old one would have a real estate age of six. Pretty straightforward.
You can also determine it simply by looking at the year of construction of the house. Houses built before 1940 are from the first era, those built between 1940 and 1970 are from the second era, and homes built after 1970 are from the third era.
2. Home's location
According to RealEstatePros, location is one of the most critical factors determining the value of a particular property over others.
Location is a crucial factor in determining the value of a house. Appraisers look for the location of a home when determining its value because they want to see how close it is to main roads and other amenities.
They also need to know if it is in an area that has experienced significant changes over time, such as gentrification or urban decay.
3. Home's exterior
The exterior of a house is the first thing a potential buyer sees and can provide some insight into what the home is like on the inside. Therefore, it makes sense that real estate appraisers will also look at that factor when appraising a house.
Real estate appraisers often look at the exterior of a house when determining its value of a house.
A home's exterior can be an indicator of its condition while it is still under construction, as well as its future potential.
4. Design style of the home
In order to determine the value of a house, real estate appraisers look at the home's design style. They can then compare this design style to other homes in the area and determine a fair price for that home.
The design style is an essential factor that appraisers consider when determining a house's value. For example, if a home has an outdated design, it may be worth significantly less or more than one with a modern design.
5. Land size and layout
Real estate appraisers look at the home's land size and layout when determining a house's value. It is an essential factor in determining the value of a home as it is one of the most significant factors that differentiate one place from another.
The more land there is, the more the home will be valued.
6. Structural construction materials
The structural construction materials of a home are a vital part of the appraisal process. When looking at the value of a house, appraisers will likely look at the type of flooring and building materials the house has.
Appraisers will also consider factors like whether or not there is a basement, what type of roofing your house has, and how many stories the home has.
They do this because they want to make sure that they are paying enough for a property that doesn't have sound construction.
7. Overall condition of the home
When determining the value of a house, appraisers look at the home's overall condition and whether or not the owner took care of the house.
The home's overall condition is necessary because it shows how much time and effort the owner has put into maintaining it. They can determine it by how well the home's owner maintained the house's exterior, interior, and yard.
Many things factor into the overall condition of a home. These include whether there are any new construction materials or renovations in the house. It also includes if the owner has painted or recently cleaned the home.
8. Quality home improvements
Real estate appraisers look at home improvements' quality when determining a house's value. They look at these factors because they believe these improvements indicate how well the house owner maintained the home and how likely it is to retain its value over time.
Conclusion
Knowing these factors that real estate appraisers are looking for can help you determine which parts of your home you should focus on if you are interested in increasing the value of your home. That way, if you plan on selling your house, you will be satisfied with the price that it garners.
