Around 28% of homeowners in the United States use an appraisal to estimate their home’s market value. These appraisals cover aspects of your home and property that can affect the overall value like size and age of the house.
Knowing the value of your home can help you find the best price to list your house at to get an appropriate offer.
Here is a full explanation of how home valuations work.
Types of Home Valuations
There are a few different ways that you can get home valuations.
One way is to get an online valuation. These can often be a quick and free process, however many say that these valuations aren’t always exactly correct.
Another way to get a property valuation for your home is by hiring an agent for a broker price opinion. A BPO is different from an appraisal.
Note that a BPO will not include as much detail as an appraiser report, but they can give you a value that’ll help you list the home at an accurate price.
A professional agent appraiser will also be able to give you a more accurate estimate for the value of your home.
It’s best to hire someone who doesn’t have any investments in the home. This way they can provide the best, unbiased opinion.
Some real estate agents might offer house valuations for free, whereas a professional appraiser will normally have a fee for the service.
What Do They Look For?
A typical valuation covers the following things:
- Electrical system
- Storage room
- Size and square footage
- Nearby roads
- HVAC or heating system
- Condition and wear
- Age and position of the home
- Floor plan and layout of rooms
The valuation will cover all of these things as well as any additional problems found within the home like asbestos, or major building concerns.
Their report will talk about what issues came up and how they each affect the overall value of your property.
If your home is close to an area that has the potential for development, that will affect the report.
The appraiser should also be looking to see if vehicles can easily access and park at the house.
The evaluation will encompass other factors like crime rate, school district, and flood possibilities as well.
Many of these things are aspects about where you live that have the possibility of changing throughout the year.
This is why it’s a good idea to talk to your appraiser to check how long your specific appraisal is good for. Most only remain valid for a couple of months after they write the report.
Find a Valuable Property Expert
If you have the opportunity to hire someone instead of using an online algorithm for your home valuations, you’ll find the value in being able to work with a property expert. This is especially true when you work with someone who specializes in real estate in your specific area.
Shayla Twit Luxury Homes specializes in providing quality luxury real estate services to those in Sarasota and the surrounding areas.
Contact us if you’re in the Sarasota area and looking for a valuation of your home!