Home appraisal is an
essential part of the real
estate process, whether you are selling your home or refinancing
it. This process gives you an idea of how much your home is worth
based on the current flow of the real estate market and the current
condition of your house. Here are some of the many factors that
affect whether or not you will have a favorable appraisal.
Neighborhood
One
of the many factors that you can’t really change (on your own, at
least) is your neighborhood. Buyers place a high value on houses that
are located quite close to their basic family needs like grocery
stores, banks, parks, emergency services and schools. Crime rate is
another aspect of neighborhood that can significantly affect your
appraisal.
Aging
Aging
doesn’t just involve the actual age of your house, but also how
well it has been aging. Even a beautifully kept house can be bogged
down by hidden repairs or constant, recurring problems like leaks or
pests.
Homes Like Yours
When
it comes to real estate, comparison is one of the essential elements
that make up the overall currency. Many real estate appraisers are
applying Comparative Market Analysis, or CMA, which is basically
research regarding how well homes very similar to yours are selling.
Thankfully, you can always use other factors like renovations to
negotiate the price back up in case the CMA ends up lower than what
you plan to sell or refinance for.
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