For example, a property on a large lot or on a quiet street like a cul de sac will likely be worth more than a home on a small lot or located next to a highway or train tracks. While the neighbourhood is one aspect of the location, the exact positioning and lot of the home will also be assessed. The same house in a nice neighbourhood will be worth far more than the house in a less desirable neighbourhood. Location: Location is a key component of a home’s value.Now that you know what a home appraisal is, you may be wondering which factors can impact a home appraisal. – Surprising Factors that can Affect a Home Appraisal Whether any upgrades, renovations, or remodellings have been done.The presence of premium features or amenities (marble countertops, hardwood floors, or high-end appliances).The condition of the basement, including whether it is finished or unfinished.The condition of a swimming pool or sprinkler system (if applicable).The number of rooms, bedrooms, closets, bathrooms, and windows.The condition of the appliances (dishwasher, oven, washer/dryer), HVAC system (furnace, air conditioning, water heater), and other mechanicals.The condition of the home, with a focus on any damage.The cost of home appraisals varies and is typically paid for by the buyer/borrower.īelow is a home appraisal checklist revealing what appraisers look for when determining the value of a home: Typically, most home appraisers are licensed or certified and must be impartial (that is, they cannot have any direct interest in the transaction). All of this information will then be compiled into the appraisal report, which will be delivered to all relevant parties within a few days. An appraiser may also compare the home to other comparable homes in the neighbourhood.Īs the appraiser makes their way through a home, they will note any conditions that negatively affect the value of the property, such as items that need repairs. They will also measure the home’s square footage and assess the amenities and fixtures of the home, as well as its floor plan functionality and the number of bedrooms and bathrooms. On the date of the visit, the appraiser will arrive at the property and spend roughly one to two hours inspecting the interior and exterior of the home. The home appraisal process begins when a party involved with the home sale contacts a home appraiser to schedule an appointment.
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