The appraisal of a home is a process that involves comparing the current value of the home with the value of other similar homes in the same area. Appraisers are trained to understand the local market and make an educated guess about what the home will sell for.
This is done by taking into account factors that affect the value of a home, such as size, location, curb appeal, updates and features, landscaping, energy efficiency improvements, and storage space.
Let’s take a look at some of the things that can increase the appraisal value of a home.
Size
The size of a home is an important factor when determining its appraisal value. Larger homes are typically more desirable, as they provide more living space and the potential for a larger family.
Furthermore, larger homes often come with higher ceilings, more windows, and more interesting architectural features which can add to the home’s value. Additionally, larger homes typically have more bedrooms and bathrooms, which also can be an attractive feature of a home.
On the other hand, smaller homes may be easier to maintain, and in some cases, maybe more affordable. Smaller homes can be more attractive to first-time home buyers and those looking for a low-maintenance property.
Furthermore, in some cases, smaller homes may have lower taxes and utility bills, making them attractive to cost-conscious buyers.
Smaller homes do have the potential to be appraised at an increased value, as they typically have the same high-end features.
Updates and Features
Luxury items and updated appliances can significantly increase the value of a home. These features can make a home stand out from the competition and make it more desirable to potential buyers.
Luxury features such as built-in sound systems, modern appliances, and high-end finishes can add to the overall appeal of a property.
Other features such as residential elevators can add to the appeal of a home by providing convenience and added safety for those with mobility issues.
Additionally, some buyers may be willing to pay a premium for a home with features such as a residential elevator, as these can add to the overall value of a home.
Location
Location is one of the most important factors in determining the appraisal value of a home. Homes located in desirable areas with easy access to amenities and services, such as schools, shopping centers, and entertainment districts, tend to have higher appraisal values than homes located in less desirable areas.
Furthermore, homes located in areas with higher demand, such as near job centers or waterfronts, can also be appraised at a higher value. Additionally, homes situated in areas with good infrastructure and public transportation can also be attractive to buyers and appraised at a higher value.
Homes located in neighborhoods with higher crime rates or poor schools tend to be appraised at a lower value. Additionally, homes located in areas with environmental hazards, such as flooding or contamination, can also be appraised at a lower value.
Lastly, homes located in areas with limited access to amenities and services, such as retail and recreation, can also be appraised at a lower value.
Landscaping
Landscaping is an important factor in determining the appraisal value of a home. A home with well-manicured lawns, flower beds, and trees can be more attractive to potential buyers and appraised at a higher value.
Additionally, a home with easy-to-maintain landscaping can be more attractive to buyers who want a low-maintenance property. Furthermore, a landscaped property can help to increase the curb appeal of a home and make it more attractive to potential buyers.
Gardens can also add to the value of a home. A garden with a variety of flowers, vegetables, and trees can add color and interest to a property and can also be used to grow fresh produce for the home.
Additionally, a garden can also be used to provide a space for relaxation and entertainment. Furthermore, a garden can help to improve the air quality around a home, as the plants and trees can filter out pollutants and offer a natural cooling effect.
A garden can also help to attract wildlife to a property, providing an interesting and enjoyable outdoor experience.
Energy Efficiency Improvements
An energy-efficient home is one that uses less energy and results in lower utility bills. These homes are designed to minimize energy consumption while still providing a comfortable and functional living environment.
Energy-efficient homes can be more cost-effective in the long run, as they save money on energy bills and reduce the environmental impact of energy consumption.
These homes are typically more comfortable, as they use less energy to maintain a comfortable temperature and humidity level. Additionally, energy-efficient homes can have better air quality due to improved ventilation systems and air filters.
Home improvements like eco-friendly windows, insulation, and HVAC systems, can also increase the value of a home. These improvements can reduce energy costs and make a home more desirable to potential buyers, as they will be able to save money on their utility bills.
Furthermore, energy-efficient improvements can also reduce the environmental impact of a home, as they reduce the amount of energy used and lessen the carbon footprint of a home.
Storage Space
A property with lots of storage space can increase its value because it is easier to maintain and sell when it needs to be moved. A property with limited storage space may not increase its value as much as one with more storage space.
A buyer who wants to buy or rent out his own home with children may be willing to pay more for a property that has lots of storage space because it is easier to supervise children when they are outside playing or when they are playing inside their house.
These are just a few of the factors that can increase the appraisal value of a home. Location, updates and features, landscaping, energy efficiency, and storage space are all important considerations when appraising a home.