Whether buying or selling a home in Rhode Island, you’ll likely need a residential appraisal. For an appraiser to note their findings, they’ll draft a report. Here’s what you can typically expect to see within such a document.
A detailed look at a property’s condition
One of the most important things that a residential appraiser does is estimate the current value of a property. The professional will look for any potential violations or risks. An appraiser has the chance of uncovering many potential faults when considering the average home’s size.
The value of similar homes
Another step in the residential real estate appraisal process is to obtain values of similar homes. For an accurate appraisal, the appraiser will need to look at homes of similar styles and sizes. Looking at the prices these homes recently sold for helps an appraiser create an accurate appraisal value.
The neighborhood’s value
It’s also important for an appraiser to look at the value of a home’s neighborhood. Looking at data or news about this neighborhood’s future helps an appraiser predict whether the future value of a home will go up or down. If a neighborhood continually expands with new properties and few vacancies, these things can mean the value of a home goes up in the future. On the other hand, neighborhoods with homes in bad conditions and lots of people moving out can lower a home’s value.
An appraisal is an important part of the home buying process. If you’re a buyer, you’ll likely be the person paying for a residential appraisal. The price you’ll pay depends on a property’s size and value.