How to gain an appraiser’s perspective when evaluating a property.
Evaluating real estate properties can be daunting tasks for buyers, sellers, and even real estate agents. To shed light on these processes, I’ll share valuable tips on how to think like appraisers and understand what factors they consider when assessing properties’ values. Let’s delve into the appraisal process by analyzing recent appraisals that demonstrate the value adjustments made for different features of homes. Here are a few tips that will help you think like an appraiser:
1. Go beyond price per square foot. While price per square foot can serve as guideline, it’s crucial to recognize that appraisers employ multiple methods to evaluate properties.
2. Comprehensive adjustments. Appraisers consider various property features when making adjustments, including square footage, lot size, views, the home’s condition and age, amenities (like pools or outdoor kitchens), and the number of bedrooms and bathrooms.
3. Investment returns. Not all property improvements yield 100% return on investment. Appraisers view improvements as fractions of properties’ overall values. When making enhancements to your homes, understanding potential returns is vital.
4. Online portal estimates. Online property portals can provide estimated property values, but they lack crucial information like property improvements, conditions, and amenities. Keep these in mind when using online estimates.
Whether you are buying or selling homes and need assistance evaluating properties, don’t hesitate to reach out to us. We are here to provide expert guidance and help you make informed real estate decisions, so call or email us anytime.