The Complete Home Appraisal Checklist & Guidelines: 2020 Edition

Whether you’re interested in buying a home on mortgage, refinancing, or selling your residential property, a home appraisal is a vital component of the whole process.

Unfortunately, many property owners don’t brush up on their knowledge of home appraisals and end up buying or selling their houses at non-profitable prices. Although you may feel that a home appraisal process is out of your hands, there are several easy ways to prepare your home for an examination.

Continue reading this comprehensive guide to clear this hurdle like a pro!

 

How Do I Prepare My Property for an Appraisal?

A professional home appraiser measuring the size of a house

A home appraisal is substantially different from an inspection. Your home appraiser will look for information in several areas, including reviewing and comparing several homes and visiting your property in-person. Common factors that are examined in a home appraisal include:

  • The Size of Your Property: The higher the square footageof your home, the higher its value.
  • Interior Condition: This includes a holistic assessment of functional HVAC, plumbing, electrical, and security systems. Assessors also take the quality and quantity of fixtures and fittings into account, such as lights, doors, windows, appliances, etc.
  • Exterior Condition: The home assesses the curb appeal of your home, which includes mold and mildew growth, roof quality, backyard condition, wall leaks, and the condition of the property’s foundation.
  • Renovations & Home Improvements: Upgrades and home renovation that spruce up your home go a long way in the appraisal process. From standard household fixture upgrades to all-over paint/remodeling, these factors have a major impact on the result of an appraisal.

Why is Home Appraisal Important?

A home appraisal is an unbiased valuation of your property. It helps you determine the current price of your home according to real market value. Appraisals ensure profitability and give all stakeholders an impartial assessment of the buyer, seller, or owner’s property.

An accurate appraisal protects homeowners, buyers, and lenders. The companies that provide assessors are regulated and licensed at both state and federal levels.

The FHA Home Appraisal Checklist

If you’re applying for an FHA loan, certain repairs are mandatory. An FHA home appraisal looks for:

  • Water damage signs
  • Broken sidewalks
  • Damaged sidings, exposed floorboards, peeling paint, a leaky roof, and insecure wall studs.
  • Grounded or GFI outletsfor outdoor access.

The VA Home Appraisal Checklist

Similarly, VA loans also have specific requirements. If a prospect is using a VA loan to buy your home, your appraisal checklist must include:

  • A functional sewer system
  • Water heater
  • Clean, potable water
  • A secure and steady foundation
  • A quality roof without leaks or broken drainage
  • Functional utilities

The Best Home Appraisal Service in Lodi, CA

If you’re looking to hire expert home appraisers in Lodi or surrounding areas, look no further than Torlai Appraisal Services. The company has 35 years of residential appraisal experience. Their adept and licensed home appraisers have countless clients with FHA, Estate, IRS, Bankruptcy, REO, Probate, and conventional appraisals in Northern California.

Contact them here.

Categories: Real Estate

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