IF YOU'RE BUYING A HOME.

An appraisal gives you and your lender an estimate of a home’s value. It helps make sure your offer, the purchase price, is in line with the home’s fair market value. To make an appraisal, the home is inspected and compared to similar homes in the area that have been sold within the last six to twelve months.

WHAT FACTORS

DETERMINE THE VALUE?

Sales price of other homes in the neighborhood.
Total square footage and floorplan of the house.
Unique features and finishing details like wood floors.
Number of bedrooms, bathrooms and garage space.
Amenities like pools and quality of landscaping.
Overall condition and visual inspections like foundation.

IF YOU'RE SELLING A HOME.

Once a buyer puts an offer on your home you should expect a request from their lender to start the appraisal process. In order to get the most out of this process, make sure your home is prepped for the evaluation. Make sure safety devices like smoke alarms are working, and fix any obvious cosmetic damage. Don't forget about curb appeal also, mow the lawn and plant flowers. This will ensure that your house is priced favorable.

The appraiser will need full access to your home, including closets, attics and crawl spaces. To avoid any delays, make sure your pets are clearly out of the way during the walk-through. The appraiser will analyze your home thoroughly, but below are a few areas they will focus on the most: