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How Would an Appraiser Appraise a House?

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Appraise a House

The person who plays a vital role while you are buying or selling a house is an appraiser. The appraiser is the one who finds out through his/her knowledge whether or not you are buying a house or are you able to sell it? The appraiser determines the value of your home you are going to buy or sell. He looks at certain points which not everyone goes through while buying or selling.

It is the duty of the appraiser to have a look at the factors which will increase the value of the house. These factors may include the location of the house, condition, construction and many other such features which increase the value of the house. After the real estate appraisers compare the values with other houses present for the competition and find the best house for you to buy or to sell.

 In this article, you will get to know how would an appraiser appraise a house you are going to buy or to sell. Some of the factors are listed down below which shows how appraiser increase the value of your house.

Appraiser Describe House in terms of External Factors

First thing first, the appraiser describes the house in terms of the external factor in a systemized way. In this phase the appraiser has a deep look at the physical conditions of the house such as its location, its structure, how old is the house, quality of construction, parking facilities and also have a look at how will it impact the neighbors. The most important step in this procedure is the appraiser compares the house recently sold point the similarities they have in them.

Appraiser Describe House in terms of Internal Factors

In this step, the appraiser looks at the house from the internal factors. The main concern of him/her is how well the storage is used, they have a look at the number of bedrooms, bathrooms, size of the kitchen, electrical and heating facilities. safety and health issues like a fire escape. If all these conditions are met, the appraiser looks for the other factors which increase the value of the house.

Compile Data

It is appraiser’s duty to gather all the relevant data for the house in an organized way. It is his/her duty to have a look at all the conditions and states of the house, also they look for the houses in your neighborhoods and match their properties with your house. Because these are the conditions, which raise the value of a house as well as compiling data for house will make it easier to Appraise easily. If anyone of these is missing then the appraiser looks for another option, which best matches, your requirements.

Also, they have a look at the neighbor's houses to have a look at the prices and get to know at what prices others are getting their houses. If someone is buying at a higher price then they look at the features and finds you the best house in that comparison.

Describe Comparable Sales (comps) in a standardized Way

This step is important in the appraiser process. In this process, the appraiser has a deep insight about the houses being sold recently who have things common with the house they are looking for. This process is well known as comparable sales (comps) which shows the pricing of houses sold at the same size, location, and age of the house.

The appraisers generally, look for the houses sold in the time duration of max six months in order to have a better understanding of their house they are looking to buy.

Appraise Do A Visual Inspection

After the step of comparable sales (comps) when the appraiser looks deeply at all the factors and is about to buy the property for you, they involve a visual inspection step in their process. In this process, they inspect the location by physically going to that place and inspect the site.

They inspect the house from both insides as well as outside. When they are indoor, they look at the house by turning the lights on and off and by taking pictures of the house also by investigating other factors as well like functional conditions of the house and also by wear and tear appliance, etc.

Therefore, an appraiser must keep in mind the basic things appraisal so it will be easier for him as well to make each task smooth and benefit the customers in an appropriate way.

Conclusion

In this article, some of the factors are discussed which shows how would an appraiser appraise a house which would increase the value of your house. They are the ones which play a vital role in the purchase and sale of your house without them it would be a difficult task to buy your own property. They have a deep insight into the external and internal factor of the house which will decide whether to buy a house or not.

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