Let’s say an owner and a buyer have agreed on a good price for a house in Dracut. The deal is almost final, but when the house appraiser submits his report, the appraisal value falls below the amount agreed upon. This usually results in a cancellation of the deal because neither parties, buyer or seller, are willing to pay the shortfall.
So what exactly does a house appraiser look for in a property or house? While comparative market analysis is one part of a property appraisal, here are some other tips from local Dracut property managers.
Construction and Structure
An important element in house or property appraisal is the quality of the construction and the current state of the structure. Appraisers will look for broken or damaged floors, leaking roofs, evaluate the foundation and siding and also signs of dampness in places like your basement.
The materials used in the construction of the house will determine the longevity of the house’s functionality. For example, thin roof shingles mean that the roof will wear out sooner than a roof with thicker shingles. House appraisers will look into things like these to decide how long the house will retain complete functionality in the future.
“A house appraiser will evaluate the interior of the house as closely as the exterior,” says a Dracut property manager. “You should be prepared to have each inch of your house closely inspected for cracks, damp areas, structural defects and condition of permanent fixtures.”
Houses that have been custom built are bound to get a better appraisal than prefabricated ones because of the difference in the quality of materials used.
Features and Amenities
These would include elements like central heating and air-conditioning, pools, security systems and fireplaces. The appraisal of your house will decrease or increase according to the availability or non-availability of these features.
Size and Yards
The size of your property will directly affect the appraisal value of your house. Larger homes will have larger gardens and/or backyards and these will help increase the value.
Dracut property managers advise that all permanent fixtures like garden lights or sprinkler systems, be repaired and are fully functional before the appraisal. Also make sure your yards and/or garden are clean and well-maintained. An untidy back or front yard or garden can adversely affect your appraisal because they point at a long history of neglect.
Renovation and Upgrades
Whatever money you have spent on upgrading your house or property will definitely be noted in the house appraisal. Local property managers in Dracut advise that a house be renovated or upgraded before putting it out on the market because not only will house appraisals be more positive but will also appeal to potential buyers.
If you require more assistance about Dracut property managers or management and want to know how to make a house appraisal work for you, you can always contact us and we’ll be glad to be of assistance.