A home appraisal is the process of evaluating a piece real estate (can be a residential, commercial or industrial building built on land) and all it’s features to come up with a value of that property. An appraisal is normally performed by a professional appraiser who is trained to provide their opinion as to the value of the real estate and its building.
A home inspection is the process whereby a home inspector examines a home and all its major components to determine the quality of the components and also provides estimates of the longevity and usefulness of the components.
A home appraisal consists of these three components:
1. A Physical Examination of the Property- The physical inspection at the house may take an appraiser as little as 30 minutes to perform or could take as long as two to three hours. This depends on the size of the house, known as Gross Living Area (GLA) and also the design of the home. An artsy Contemporary style home takes longer to measure than a standard rectangular Colonial home. Physical visits are usually brief when a home is in average to very good condition. However the inspection can take a bit longer if the property is in fair or even poor condition as there are more things the appraiser must observe and notate.
2. Selecting Comparables - Next, finding the most recent/similar sales that are located approximately within a mile of the property, and that have closed within the past 6 months, are what every appraiser is seeking!!! These properties are used to establish an accurate opinion of value. The appraiser will locate the most appropriate and comparable sales to be included in his appraisal report.
3. Completing The Appraisal Report - After a thorough physical examination of the property and locating the best comparable sales available, the appraiser will start entering all of this data into a standard appraisal report form. Once all of the data is entered, the appraiser evaluates all of this information so he can arrive at his final estimate of market value. Fortunately, almost all residential properties require only short form reports, usually 10 pages or less. Appraisers often can complete a report in about 5 hours. Depending on the appraiser's workload and on the complexity of the property, an appraisal report should be completed and delivered to the lender in about seven to ten days
If you were a forward-thinking individualist in 1800s America, building an eight-sided abode was a great way to show it. The octagon house was a cutting-edge design at the time, believed to be a more efficient use of space, energy, and cost than the conventional square.
Read more here ... http://www.atlasobscura.com/lists/octagon-houses
Question: How do appraisers account for a difference in year built? Do appraisers give an adjustment when to comps there is an age difference?
Read more here ... http://sacramentoappraisalblog.com/2015/06/01/how-do-appraisers-account-for-a-difference-in-age-between-comps/?utm_content=bufferbc904&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer
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