West Virginia Checklist Appraisal
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FAQ
Explanation: The production of real estate requires the inputs of the four factors or agents of production: land, labor, capital, and entrepreneurship.
Appraisers look at the size, shape and topography of the lot, including easements and encroachments. The appraiser will also note amenities such as street utilities and vehicular access. Part of the evaluation process includes an opinion of whether the home's characteristics are compatible with the market.
Things that can hurt a home appraisalLack of curb appeal. Your curb appeal is what a potential buyer sees when they arrive at your home.Broken appliances and outdated systems. By systems we mean plumbing, heating and cooling, and electrical systems.Market conditions.Location.Overall aesthetic.
Key Takeaways A qualified appraiser creates a report based on an in-person inspection, using recent sales of similar properties, current market trends, and aspects of the home (for example, amenities, floor plan, square footage) to determine the property's appraisal value.
A property's appraisal value is influenced by recent sales of similar properties and by current market trends. The home's amenities, the number of bedrooms and bathrooms, the floor plan's functionality, and the square footage are also key factors in assessing the home's value.
The home's overall condition and any home improvements made since the last date of purchase. The number of bedrooms and bathrooms compared to other neighborhood properties as well as amenities like fireplaces, decks, bonus rooms, garages, and landscaping. The lot size and neighborhood zoning restrictions.
Appraisers will flag any major issues regarding plumbing, electrical, and HVAC (heating, ventilation, and air conditioning). All systems should be in working condition, or you may need to repair them before a bank will secure the buyer's loan.
What do Appraisers Look for During a Home Appraisal?The General Condition of the Home.The Home's Location.The Age of the Home.The Home's Exterior.Design of the home.Signs of water damage.Size of the home.Home's Interior.More items...?
Four independent economic factorsutility, scarcity, desire, and effective purchasing powermust be present to create value in a particular item or collection of items. Professional appraisal standards specifically require the study of all value influences.
Most importantly, make sure your house conforms to this home appraisal checklist:A lack of plumbing issues (e.g. stains near spouts)A roof that's free of any leaks or damage.A working garage door and opener.Foundation free of water intrusion or damage.Functional air conditioning, electricity, and water.More items...?
