Buy Property | Initial Home Appraisals | Trevleonards Estates
Having an idea of what is involved in appraising a piece of property can greatly help in maximising the appraised value to avoid costly details and re-inspections. The appraisal process consists of several steps. Following are major steps in the sequence normally taken by appraisers:
- We will research the subject property as to size, bedrooms, baths, year built, lot size, and square footage.
- We will gather data of recent sales in the subject's neighbourhood. The appraiser will locate at least three and preferably more similar-sized homes which have sold in the neighbourhood. The homes will be within one mile of the subject and sold within the past 6 months. These homes will be considered as the "Comparable Properties" or "comps".
- Our field inspection consists of two parts: first the inspection of the subject property, and second, the exterior inspection of the comparable properties which have been selected to estimate the value of the subject property.
The inspection consists of taking photographs of the street scene, front of the home, and the rear of the home, which may include portions of the yard. The appraiser will make an interior inspection for condition, noting any items that would detract from or add to the value of the home. He will also draw a floor plan of the home while doing the inspection.
An appraiser will call in advance to set up the appointment to inspect the home. At that time, any information about the property (number of bedrooms, bathrooms, pool, enclosed patio, etc.) should be given. The more that is known about the property prior to inspection, the better the appraiser can focus on researching the most similar comparables.
