Everybody buys a home in the hopes that they’ll turn a profit when they sell in the future. As you continue aging, you may be approaching that time to sell, or you’re getting an idea of what your home is worth. The first step is to hire an appraiser; they’ll inspect your home. Continue reading to learn some of the factors that go into an estate appraisal.
Your location
Appraisers will pay close attention to your location. Your location will also determine your home’s value based on several factors like crime rates, schools in the area, walkability, city maintenance, and more. Also, consider the roads in your area, since they can have a significant impact on your home’s value. Both the condition and location of the roads can impact your appraisal. If your home was the only structure in the vicinity when you bought the home, but now there’s a main road in your front yard, your appraisal could take a hit.
Your home’s structure and age
Anyone looking to purchase a home wants to know their new home will last. Not to mention, they want to know the structure and foundation are in good shape. So, it’s only fair that appraisers factor in your home’s structural reliability and age when appraising the home. Now, that’s not to say that the home your father built in the 40s with his bare hands isn’t worth much. Every estate appraisal is different—how you maintained the home is also a factor.
Number of bedrooms and bathrooms
It’s unlikely that just one individual is buying your home. Your buyers will likely be young families or established adults––potentially empty nesters. That said, many of your potential buyers will have families, so the number of bedrooms and bathrooms will matter a lot to them. However, the number will also matter to your appraiser; it’s safe to assume that fewer bedrooms and bathrooms typically means a lower valuation.
Home renovations
When you first bought or built the home, you probably went into homeownership expecting to make the home your own. Maybe you renovated the kitchen, added on to the home, installed new siding or roofing, or added bathroom upgrades. That said, everyone naturally wants to know how much their home is worth after their renovations. Unfortunately, there’s not a clear-cut answer since, ultimately, every home appraisal is different.
So many factors go into an estate appraisal; it’s natural that you’ll have a lot of questions. That’s why it’s so important to hire a professional estate appraiser with experience. They can answer your questions and provide a realistic appraisal of your home that considers current market conditions and demands. Call an appraiser today to begin the process.
