What Must Be Done to a House for an Appraisal?
Appraisers inspect real estate by looking at the structure, condition and features of the inside and outside of the property. Frequently, inspections take place during daytime hours and according to the client's schedule. Residential appraisals are for real estate that houses one to four families.
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Measurement of the Property
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An appraiser obtains measurements of the property using a measuring wheel or standard measuring tape. The appraiser measures every room in the house and then determines the total square footage of the property. An alternative to physically obtaining measurements of the property is contacting the city hall serving the city in which the property is located and obtaining previous assessor's records there.
Interior Inspection
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An appraiser will spend approximately 10 minutes to an hour inspecting the condition of the property's water, sewage and electrical systems. If either system is found to be damaged or in poor working condition, the appraiser will note the damage in an appraisal report and make deductions based on the extent of the damage. For example, real estate possessing a damaged water system will generally carry a lower value than real estate in the same area and in generally the same condition with a properly functioning water system.
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Exterior Inspection
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An inspection of the exterior of the property permits an appraiser to evaluate amenities such as swimming pools, patios and gardens. Structural improvements such as the installation of a fence, the replacing of a roof or the paving of a driveway will generally boost a property's value.
Additional Research
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Statistical data as well as existing and future sales indexes provide appraisers with vital information about surrounding properties. The appraiser collects mortgage surveys and crime reports for the neighborhood to determine if the property is in a prime location, i.e., where home values are high. An appraiser also looks at a property's proximity to desirable services, such as schools and commercial sites.
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References
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