The objective of a property evaluation is for the appraiser to see the amenities, quality and condition of construction, the home’s location, and other features that may impact the property’s worth firsthand.
The appraiser analyzes these and other criteria to those of previously sold comparable properties in the neighborhood. The comparison is what defines marketability and the home’s value. In this article, we’ll help you know if home appraisers look for code violations when valuing a home as well as the criteria they use to evaluate your property in Kansas City.
Do Appraisers Look for Code Violations When Valuing a Home in Kansas City?
Residential home appraisers in Kansas City use a methodical assessment approach to arrive at an opinion of a home’s market value, according to the Appraisal Institute. The Uniform Residential Appraisal Practice, a standard Fannie Mae and Freddie Mac form, is where the majority of appraisers report their conclusions.
Appraisers are generally concerned with the property’s size, layout, and condition. They don’t analyze the décor, furnishings, or whether or not the landscape is in disarray. In practice, appraisers search for problems that reduce the value of a house, such as needed repairs and plaster cracks.
They also include extras that make the home appealing, such as more air conditioning, a new roof, or insulation. These improvements add value to the home if they are in good condition and the property is located where people are ready to pay for them.
Inspectors are responsible for looking for code infractions, not appraisers. Appraisals are different from inspections. Inspections ensure that you adhere to construction codes. Appraisals determine your home’s market value.
What Do Appraisers Look for When Valuing a Home?
How Old the House Is
Many people fail to take the home’s age into account when thinking about an appraisal. A home isn’t automatically assured of appraisal just because it’s new. Both old and new homes have advantages and disadvantages. While modern homes could have problems, old houses are usually well-maintained and are often found in historic neighborhoods. However, how old the house is will be taken into account during the appraisal process. Newly constructed residences are always worth more than older ones.
Size of the Residence
Appraisers use comparable surrounding properties of a similar size when estimating the value of your property. They will carefully analyze your home’s size and the total number of bedrooms when determining its value. The home appraiser will also assess the acreage of the lot that the house is located on. The size of the garage will also play a role because a home boasting a three- to four-car garage space will appraise for more money than one with only one or without a garage.
The appraiser will take note of any newly renovated areas of the home, particularly the kitchen and bathrooms. Additionally, any eco-friendly features of the house, such as energy-efficient equipment, are advantageous. A fireplace, a porch, a patio, or a fence around the house will also be taken into account.
While some house upgrades increase a home’s value, others do not. Your home can be worth more if it has central air conditioning rather than separate air conditioners in each room. In addition, the appraiser will determine whether your heating system uses electricity, gas, or oil and will make a note of any outdated cooling and heating equipment.
Your home’s assessment will be impacted by any further improvements that have been made, such as new siding, a new roof, a front door, a new garage, or new hardwood flooring.
Interior of the House
The interior of the house is often the area where the appraiser invests the most time. A home’s structure and general condition are evaluated by an appraiser. They often start by determining the number of bedrooms and bathrooms, as well as whether or not there is a crawl space, attic, or basement when evaluating a home’s interior. The style of the house’s foundation will be taken into account, and the materials used for the walls, windows, and floors will also be evaluated.
They usually focus less on the home’s appearance, although they will notice if it’s very dilapidated. They will inspect leaky faucets, windows, doors, ceilings, walls, and any apparent electrical problems.
Indicators of Water Damage
Rotting, mildew, mold, and other concerns are brought on by water damage to a home. The appraiser will check for any stains on the walls, floors, or ceilings; roof leaks; plumbing issues; water in the basement; and other issues. If you want to keep your buyer from canceling the contract, you can repair minor water damage yourself if it exists on your property.
The assessment process must take into account water damage because removing mold can cost thousands of dollars. In addition, mold poisoning can cause severe breathing problems and a wide range of other health problems.
The Home’s General Condition
Before getting too specific, the appraiser will make broad observations about the house, such as the materials utilized, the state of the building, and any noteworthy physical features that would affect its suitability for habitation.
This is one of the first items appraisers check for. They will take note of anything that appears to be structurally questionable or dangerous to live in. They will also look for things like broken faucets, missing door handles, and other maintenance-related problems, as well as the general care of the house.
They won’t pay attention to how clean the house is, but they will search for indications of misuse, such as ripped carpeting, shattered windows, damaged flooring, damaged appliances, cracked walls, and broken doors.
The Exterior of the House
A home appraiser will spend time inspecting the home’s exterior to make sure the structure is sound. They will search for any indications of water damage or other issues, such as a cracked or sagging chimney (which could indicate structural damage), an uneven porch, or uneven stairs leading up to the house.
The value of your home will also be significantly influenced by the condition of the roof. The appraiser will evaluate the quality of the roof because damaged roofs lead to leaking, infestation, and other issues. Talk to your property agent if you are aware of roof issues with your house before shelling out tens of thousands of dollars to fix them.
Instead of investing a significant amount of money in the installation of a new roof, it can be more cost-effective to reduce the asking price of your house. Along with the roof, the appraiser will look at the deck, porch, garage, siding, and any other outside features.
A house appraisal is an important part of the home purchasing process since it establishes the value of a property. Realtors use appraisal addendums to win situations where there were more than one offer on a house. This shows how important an appraisal is for both buyers and sellers.
Understanding how the appraisal process works may help both sellers and buyers properly prepare since an appraiser will check for many essential items while performing a house evaluation. If you have a home that you need to sell quickly, we at Faithful Home Buyers KC will buy your house in any condition. Give us a call today and get your cash offer.