Appraisers include photos of these, along with a summary of how well they match your home. The report goes on to showcase the comparable property sales nearby that the appraiser used to determine the home’s value. They also include photographs of the interior and exterior, along with rough floor plans. The appraisal report lists the estimated value of a home, but just as importantly, it provides the reasoning and evidence for how the appraiser reached that valuation.Īppraisals detail the size, style, layout, location, amenities, age, and condition of a property. But appraisers almost never use these approaches for standard residential homes. Or appraisers could theoretically use the cost approach, calculating the replacement cost of building a new home. If your house needs updates and repairs, they adjust the estimated value accordingly.įor income properties, such as multifamily apartment buildings, appraisers sometimes use the income approach to calculate a property’s valuation based on its revenue potential, rather than the sales comparison approach.
0 Comments
Leave a Reply. |