What is the appraiser looking at when appraising my home?
There are several factors the appraiser needs to take into consideration when appraising your home. First is supply and demand. The appraiser needs to take into consideration what someone would be willing to pay for your house. When economic conditions are good and supply is down there is more competition which helps increase the value of your home. When economic conditions are down and supply is up there is less competition which means that people are not willing to spend the same amount of money on that same house. Another factor appraisers look at is the physical conditions of the house such as size, quality, site utility, etc. Have you kept the house well maintained, are any remodeling projects you’ve done relative to your neighborhood. Another factor is the location. Some negative location factors are being on a busy street, backing up to a gas station, etc. When should I be contacting my Home Owners insurance agent? Once you’ve been approved for the loan and your appraisal has be
Related Questions
- When buying any piece of property, including modular homes, you need a licensed professional appraiser. The question then becomes, if the home is not yet built, how is it actually appraised?
- What factors does the appraiser consider when appraising a property?
- How does the appraiser determine the value of the home?
