By now, you hopefully know that a home appraisal is an important part of the home buying and selling process and what happens on a home appraisal. But what is included in the home appraisal?
The final report will generally cover the following items:
- Size and condition of the house
- Maps and photographs
- Comments about serious structural problems (cracked foundations, wet basements, windows that need replacement and roofing)
- Permanent fixtures (lights, ceiling fans and plumbing)
- Details about updated kitchens, bathrooms or new flooring
- Comments about the surrounding area, including positive and negative notes about the neighborhood
- A detailed market analysis, including recent sales of comparable homes
As a buyer, take a careful look at the final report of value. If there is anything that you don’t agree with, such as findings that differ from your inspection report, or inaccurate comps, be sure to bring it up with your agent.
Sellers, it can help to outline any recent improvements and complete any planned projects before the appraisal. Don’t be afraid to highlight the upgrades and positive features of your home to the appraiser.
Is the appraisal a somewhat daunting part of the buying and selling process? It can be. You don’t want your appraisal to come in low. So just prepare the best you can and be accommodating to the appraiser.
If you don’t have an agent and need some help, please let us know. We’re here to help you.