Replacing a roof, for example, can boost your home’s appraisal price - or even be the difference between a home sitting on the market or flying off of the (metaphorical) shelf. There is not much that homeowners can do about the market activity or the health of the economy, so ensuring that the home is in optimal condition before an appraisal is key.
Faulty wiring, dangerous molds, the presence of lead paint, and extensive water damage probably won’t fly and might kill a deal should they show up during a home inspection. Likely, this will include issues about the home’s “liveable conditions” - that is, things that impact the home’s safety and generally liveability.
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Rather, a “failed” appraisal is one where your home is not appraised for its full value (especially when this is due to factors within your control.) A home inspection, while also not graded on a “pass/fail” scale, may reveal things that need to be addressed before listing the home on the market. Technically, there is no “failing” a home appraisal. But more on that later! What Will Fail a Home Inspection? Things like damaged or aging paint, an eroding foundation, a worn-down roof, and electrical issues which need immediate attention will have an impact on a home’s appraisal value, and should be addressed before an appraisal to maximize value. With that said, the condition of a home will play a role in its valuation, and many components of a home inspection may carry over to the home appraisal process. Whereas a home inspection focuses on a home’s condition, however, a home appraisal is centered more on the home’s value. home inspections can confuse some buyers, as the function of these two processes is largely similar. Once a home has been appraised, homeowners have a clear idea of a fair asking price should they choose to put their home on the market, which will limit the amount of time a home sits in limbo and ensure that sellers see returns on their investment.
A home appraisal is not dissimilar, as a home appraiser will look at the current market value, the amount of available inventory in the area, the home’s condition, and the going rate for similar properties when calculating the appraisal price. Factors like inclusions and brilliance in the case of a gem or creases and tears in the case of the comic book (and rarity in the case of both) will contribute to the appraised value of these items, and the appraiser’s final figure will take each of these factors into consideration. If you take a precious gem to a jeweler - or a first edition comic book to a hobby store - experts will conduct a thorough inspection as part of the appraisal process. Here, we’ll take a closer look at the home appraisal process - and provide you with the ultimate home appraisal checklist to ensure you get the greatest return on your investment. While this may be a simple sliding scale, the home appraisal process is far more complicated. If the value has gone up since the home was purchased, home equity increases proportionally if it has decreased, so has your home equity. For example, those looking to apply for a home equity loan, a home equity line of credit, or even a refinance will be limited by the home’s current value. This change is important to note, as a home’s value impacts the homeowner whether they’re contemplating selling or not. It can also be a foray into investing - potentially the only investing some Americans will ever do aside from a 401(k) - and, like many investments, a home’s value will likely change throughout the ownership period. It can be the fulfillment of the so-called “American Dream,” the realization of a lifelong goal, and the milestone of all milestones.
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