So you’ve fallen in love with a home, entered into a contract with the seller, and put down earnest money. The home has passed inspection, and now it’s time for the appraisal. During this phase of the home-buying process a licensed expert will determine how much your potential new home is worth in the current market.
Depending on the size and condition of the property the appraisal process can be as brief as 15 minutes, or last as long as two to three hours. Here are factors that appraisers consider when evaluating a house.
The standard appraisal considers many factors relating to the area surrounding the property, like neighborhood characteristics—whether urban, suburban, or rural. The percentage of land in the neighborhood that is occupied by one-unit housing, two- to four-unit housing, multifamily housing, and commercial properties.
Other factors taken into account are zoning classification, lot size, whether or not the property is connected to public utilities, as well as vehicle storage—is there a one- or two-car garage? Even the type of driveway surface is factored in.
When it comes to looking at the inside of your potential property the appraiser evaluates things like square footage, condition, and the structure and its foundation. In more detail this includes counting the number of bedrooms and baths, observing whether the kitchen and baths have been updated or remodeled, and noting if there is a full or partial basement, crawl space, or attic. The appraiser will also document the kinds of materials that are used for flooring, windows, and walls.
If you’ve applied for an FHA or a VA loan the appraiser will be required to make note of certain safety details within the house, like whether or not all stairways have handrails, and if there are smoke detectors on all floors of the home.
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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