the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers. Condition, of course, is a crucial factor in valuation but there are so many other elements to consider. Some of the most important factors in a house appraisal are: • Dwelling type ( e.g., custom vs tract, single family vs condo/townhouse, etc. ) • Features ( including design ) - materials used and the kind of structure present, and how they were built • Improvements & upgrades made over time • Comparable sales • Age and size of the property • Amenities offered ( including community amenities ) • Location - neighborhood, zoning areas, proximity to other establishments Most people have heard the old adage: 'location, location, location...' when touting the most important aspect of real estate. This is because a property cannot change its location, nor can the homeowners control what happens outside of their property that could have a direct impact on the value of their home. Upgrades or improvements to a residential property will always improve a home's value, and can serve to counteract negative external factors beyond the homeowner's control. 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.
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