The job of a house appraiser would be to determine the market value of your house, according to its size and location, and on”comparable sales” in your neighborhood. This task is crucial to the home-buying market and notably to lenders, who have to have an accurate notion of property worth when extending loans secured by that property to potential buyers. Appraisers work for public agencies which impose property taxes according to the assessed value of a property.
Comparables
For the most basic initial estimate, appraisers consider the square footage of the house and the number of rooms and compare it to properties of a similar size and configuration which have recently sold in the exact same location. Residential houses are in contrast to other houses, and condos are in contrast to other condos. All these”comps” can be adjusted up or down according to several additional factors. These comps have to be carefully selected, as in California property values can change substantially from 1 block and square mile to another.
Exterior Condition
The appraiser next believes the exterior appearance of the house or building. He examines the condition of the paint, windows, roof, windows and landscape surrounding your house. The garage is analyzed, as is your driveway, sidewalk, and any exterior furnishings such as patios, verandas, decks, pools and fencing. Damage or bad maintenance ends in a downward-adjusted evaluation.
Interior Condition
The inside of the house then comes under examination. The appraiser checks the condition of the plumbing and electrical wiring, where visible. The heater, air conditioning unit, ventilators, water heater and the other mechanical equipment in the residence is examined carefully. The appraiser looks for signs of mold and mildew on the walls, ceilings and floor, and examines the condition of tile and carpeting, kitchen appliances and fixed lighting units
Pest Control
The appraiser also must watch carefully for any termite damage by analyzing the condition of exposed studs, rafters, paneling, floorboards and other wooden fixtures which are a part of the house. Termite and other pest damage is noted on the evaluation report.
Owner Opinion
Finally the appraiser can speak with the homeowner to ask her fair opinion of the worth of the house, to inquire about any unseen damage in addition to developments the homeowner has left, along with her overall expertise with the house. Appraisers need to make honest assessments of land, without inflating the amounts at the behest of the house owners, which would be in breach of the law.