These are just a few factors that can impact a home appraisal. Every situation is unique, so be sure to speak to us about any concerns you may have.
Many things can impact the value of your home when it comes time for an appraisal. We’ll discuss some of the most common factors that can hurt a home appraisal. Keep in mind that every situation is unique, so if you are unsure whether or not something will impact your appraisal, be sure to speak to your lender or appraiser!
Poor Curb Appeal
Poor curb appeal may be the most obvious factor that can hurt your home appraisal. If the home’s exterior is in disrepair, it’ll give the appraiser a bad impression from the start. Even small details like peeling paint or an overgrown lawn can make a big difference. Furthermore, any major structural issues with your home, such as a cracked foundation or a leaky roof, will likely result in a lower appraisal value.
Several ways to improve curb appeal include adding landscaping, painting the exterior, and pressure washing the driveway.
The Location of the Property
If the home is located in a high-crime area or an area that is prone to natural disasters, it could lower the value of the house. Additionally, if the home is located in a rural area, it may be challenging to find comparable sales, which could also lower the value.
The Age of the Home
Age also influences how much an appraiser will value your home. In general, an older home will be valued less than a newer one, all else equal. This is because older homes need more repairs and updates than newer ones. Even well-maintained older homes often lack the features and amenities expected by the housing market, such as open floor plans, updated kitchens and baths, and energy-efficient windows.
The Size of the Home
Generally speaking, larger homes are worth more than smaller homes. This is because there is simply more space to work with, and more rooms usually mean more potential buyers. However, there are some exceptions to this rule. For example, a large home in a rural area with little demand for property may not appraise for as much as a smaller home in a more desirable location.
The Condition of the Housing Market
The condition of the housing market can also have an impact on your appraisal. If the housing market is struggling, it could lower the home’s value. Additionally, if there are few buyers in the market, it could reduce the value. This is why it’s always a good idea to stay up-to-date on the state of the housing market and speak to your lender about how it may impact your home’s value.
These are just a few factors that can impact a home appraisal. As we mentioned, every situation is unique, so be sure to speak to your lender or appraiser about any concerns you may have. With a little preparation, you can ensure you get the most accurate appraisal possible!
