What is an appraisal?
An Appraisal
is literally an opinion
of value during a specific time. That’s the book definition, that’s actually
what it is.It’s someone that doing the appraisal that is going to give you an
opinion of value based on a number of parameters. This days, most appraisals
are done trough Appraisal Management Companies or AMCs, so it’s not usually that local guy
that you see sometimes. Often, it’s some appraiser that the mortgage company
has picked out that is a long way away. That presents a couple of challenges.
They may not know the area. They may not understand that just because footage
and a certain price of a house on this side of the street , that that same
square footage and that same size house equals on the other side of the street
or across town, because we all know that real estate can be micro local meaning
that just on the same side of the street, different address, different zip
code, can mean a world of difference when it comes to value in the marketplace.
That’s one of the dis adwantages of AMCs.
But let’s get down to
what an appraisal is and how it is factored. Well, first of all, you have the
appraiser is going to go out and they’re going to pull data from couple
different sources. One, if there are previous recent appraisal on that property
or other properties in the area, they’re going to try to get their hands on those.
Second is the information they can get probable from the county or the city and
that’s the record of deeds, what’s going on in the various properties in and
around that area, what is does this property contain according to the county,
what’s legal there? They have to confirm that they have to use an official
record. Third is recent sales, normally they pull this from a source like the
LMS if they had access to that, or they’re going back to the county to pull
recent sales in that area.
What Real Estate
Appraisers Look at During an Appraisal
1 The exterior of you
house
Property appraiser gonna
take a look at the first thing is your home’s exterior now it come as no
surprise that when we really break down a home to what it is what is it you
have a foundation you have walls and you have roof so an appraiser going to
look for the soundness of the structure and the quality of workmanship with the
property in addition to the home maintenance on the exterior of the home so if
you have a hole in the roof that should be fixed that’s something that you’re
gonna want to get it done because it can materially affect the value of your
home the appraiser gonna be looking at anything that’s considered health and
safety conditions to make sure that property is not going to harm the new
buyers moving into your house so if there is any other’s things going on with
the foundation disclose them upfront and get them repaired if at all possible.
2 The size of your
property
Look at is size of your
house now this is where a lot of people think that an appraisal is just all
about the numbers when it comes down to the square foot of the home yes it is a
critical role and determining the price per square foot of your home thus
multiplying it by the toll of minus were fee then your home to determine it
value there’s other factors that go on not only with what we just talked about
but with the next three points just be aware that they’re gonna be taking a
specific look and verify the measurements of your property to ensure that if it
says that your house is 3,500 square feet they’re actually going to go verify
that it’s 3,500 square feet.
3 The interior
condition.
When we are talking
about the interior of the house what are they looking at specifically these
things would include the windows, doors, flooring, walls, plumbing, electrical,
kitchen and the bathroom so that’s a lot of different components are going to
be looking at and investigating when thy go through your home now what they’re
looking for again make sure that everything is in operable condition and that
everything has been well maintained ideally to help you get the best appraisal
possible.
4 Your home improvements
Improvements you’ve made
to your house now this is where lot of people say hey how are people flipping a
house and making more money they’re taking a specific interest in the key
components of homes that add resale value the same thing that appraiser is
going to look at when they determining the valuation of your home that being
said what are those components some of the big ones would include your flooring
type that you put in the house whether you’ve done a kitchen remodel a bathroom
remodel and even if you changed out the HVAC system these kind of improvements
will have a matira and trinsic value on your house after all who dosen’t love a
really good home improvement or renovation done extremely well.
5 Features &
Amenities of your house
When you’re thinking
about the amenities let’s say that you’re in a colder climate and you have a
pool or maybe it’s even in enclosed for write that kind of a thing that’s going
to nake it stand out and pop in the relation to the rest of the comparables
that they may be using for the pricing of your home is give your house more
than likely an added value. Another thing are things like barbeque stub in the
house there’s a lot of different amenities that homes have, some homes even
have elevators in the interior all of these things will be taken into account
and adjust it for the price of your home when the appraiser comes out to assess your property.
Contact Us
Miami Dade County - Property Appraiser
14631 SW 144th Terrace
Miami, FL 33186 United States
Phone: 786-723-6240
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