The important factors in a house appraisal are:
• Dwelling type (e.g., one-story, two-story, split-level, quality of construction) • Features (including design) — materials used and the kind of structure present and how they were built- porticos, porches, brick walls add real value • Improvements made -upgrades • Comparable sales • Location — type of neighborhood, zoning areas, proximity to other establishments • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value. A professional appraiser should be a qualified, disinterested specialist in real estate appraisals, with expertise in your region. His or her job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales with the same purchase price. Good appraisers consult agents however, if they have not personally seen the comps. Over the years, I have received many calls from conscientious appraisers who want to know the whole story of a home or its neighborhood. Several times a year I face the problem of getting a call from an appraiser who cannot get the value to come up to the sales price...how can it be? The appraiser is working for the bank to protect their investment in the house.
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