What home appraisers look for

<<>> What home appraisers look for will determining the value of your home and it is a lot like playing poker. The one with the best criteria (best combination of cards) will win the game. There are five criteria that account for most of your home value.

The square footage- The square footage of your home will be used to determine the value of your home. This is one of the top criterion that is used by appraisers to determine your home value. I’d rate this card as an “Ace.”

The proximity of your home- proximity of your home is the distance of your home as compared to other homes in your market area. This is different than the location. This is one of the most important criterion, but it is not more important that the square footage of your home. This is because if homes differ too much in square footage, than they are not similar and usually will not be used. Sometimes, the appraiser will use sales to support the location, but this will be offset by the use of homes that offer similar square footage to yours. I’d rate this card as a “Ace.”

Quality of construction-the quality of your home is the materials that your home is built with and the quality in which these items are combined. Many times, home owners can provide too much quality that is not supported by the market. Quality of your home will play a major role when selecting comparable sales, but remember that the quality is based on all of the improvement and not just a few. Look around to be sure the quality is in line with homes that offer similar square footage. I’ve seen overall average quality homes create quality in one part of their home, but not the rest. Many times, this will do nothing for the value. But overall, I’d rate this card as a “king.”

The design of your home- Next to the square footage, this is one of the most important criterion in determining the value of your home; however, many times, the design of your home is not as important as other criteria. I’d rate this card as a “Queen.”

The location- This is defined by urban (in the city), suburban (Outside the city, but close in) and rural (outside the city in the county). The location is also defined by where it is located. Does your home back up to a lake or a river? Does your home offer a view of the city? Does your home back to transmission towers? Many times the location will be more important that the proximity of your home. I’d rate this card as an “Ace” if it’s a good, but if your home front a freeway or sits next to a transmission tower, I might fold.

There are five main criteria as to what home appraisers look for and these criteria will determine the majority of your home value. This is why buying a home is more important that selling a home.