Similar to kitchens, bathrooms are inspected for quality, condition and materials. An appraiser looks at whether it's a full or half bath, whether it has a decent shower, updated lighting, quality counters and looks for signs of mold.
Yes, the appraiser will look under your sinks to ensure there isn't any water damage or problems hiding.
Generally, the location, age, size, amenities and condition of a home, along with comps, are the key factors the appraiser uses to determine value.
Having outdated appliances, plumbing, electrical, and HVAC systems could decrease the value of your property. Dated features in your home's interior could imply that the property has not been well-maintained, which could raise concerns about any underlying issues.
Interior Condition: An appraiser will look at the material and qualify of anything inside the home that would be left behind if you were to move – walls, flooring, windows, doors, major appliances, plumbing, light fixtures, etc.
The appraiser will turn on faucets to make sure that the water heater is actually heating the water. With regards to the plumbing systems, the appraiser must flush the toilets and operate a sample of faucets to check for water pressure and flow.
In addition, the appraiser will look to see if there is water damage that could indicate a roofing problem and look for signs of infestation.
Just keep your communication to the appraiser about the facts of the home and neighborhood, how you priced the house, and any other relevant information you think the appraiser should know. And remember, don't discuss value. Don't pressure the appraiser to 'hit the value' and you'll be fine.
Your lender will reject your refinance request if the appraiser gives your house a market value that is too low. An appraiser will evaluate the interior and exterior of your home to determine its market worth. In turn, this includes a tour of your entire home, including your bedrooms.
Damage, incomplete repairs, and deferred maintenance can reduce your home's value. The appraiser deducts estimated costs of these repairs, affecting the appraisal amount. Outdated or non-functional features. An older home with outdated decor, appliances, or layouts may receive a lower value in its appraisal.
The appraiser usually takes photos throughout the house during the walk-through, and homeowners may even be present, especially if they still live there. Buyers can request to be present, but this is somewhat uncommon.
Options to maximize your home's appraisal value can include bolstering the property's curb appeal, documenting home upgrades, making minor repairs, deep cleaning the home and doing your own comparison analysis. It's also important to accept what you can't control.
The appraisal report is sent to the mortgage lender for review and underwriting. The lender compares the appraised value to the purchase price the buyer has agreed to pay. If the appraised value is equal to or higher than the offer amount, the loan will move forward and possibly get approved.
Appraisers flush toilets, turn on all faucets and ensure that both hot and cold water are working. The water heater must be in working order and strapped according to local code. Attics and crawlspaces are to be viewed at minimum from the shoulder up by the appraiser.
The real estate appraiser looks at closed sale prices of homes and determines if homes with pools sell for more or less than homes without pools. Every neighborhood is different. During a home appraisal, the pool's worth can be determined by the type of construction of the pool.
An appraiser will likely look in your closet to measure it to determine how big is it as larger closets and home with more square footage are more valuable. The appraiser will not assess the cleanliness of your closet.
Because the lender uses an appraisal to determine the relationship between the property's fair market value and amount of the loan that you might be approved for, an appraisal that is inaccurate can affect the amount of equity available to you or how much you might pay for a property.
Condition of the Home
If they're old or in need of repairs, it could negatively affect the estimate. Additionally, appraisers look for signs that your house hasn't been properly maintained. If they see things like peeling paint, ripped carpets, broken windows, or leaky faucets, it could detract from your home's value.
A cluttered or messy home does not necessarily affect a home's value. Appraisers see hundreds of homes a year and will look past most clutter. However, an abnormally filthy, messy home may indicate a home isn't being well taken care of and may signal underlying problems caused by a lack of care and maintenance.
Issues such as property condition, market value discrepancies, or required repairs can significantly impact the outcome of an appraisal. By proactively addressing these potential concerns before the appraisal, you can increase the likelihood of a successful result and avoid delays in your home purchase or sale.
As soon as I stepped into the garage, I could smell it. That telltale odor of mold. It's a musty, stale smell and pretty unmistakable. For an Appraiser, this is an immediate red flag.
Inform your home appraiser of any home improvements you have done on your home. Be sure to tell your appraiser about any improvements you've made in your home. New additions, replaced HVAC units, siding, gutters, a new roof, remodeled kitchens and updated bathrooms will all positively reflect on your appraisal.
During the appraisal process, a licensed appraiser will visit the home and review MLS sales data in order to render an opinion on the property's value. Unlike the home inspection, we very often advise our sellers to be present when the appraiser visits their home.
They look and examine everything inside and outside of the house. On the outside, the appraiser inspects the state of your roof and foundation. The drains, decks, patios, balconies, and windows are also examined.