Business and Management

Home Appraisal is More Than Just House Value

Most people, when buying a house, are first given an assessment copy at the closing table. In the excitement and pressure of signing the latest mortgage papers, and arranging to get the key to a new home, the assessment may be stored with other closing documents to forget.  

The lender may tell you how much the house is worth as soon as the appraiser completes the assessment. Now that you have a copy written in front of you, it offers many details and tells you a lot about your home that you might not consider.  

The first few pages of the Uniform Appraisal Report offer an in-depth profile of your ‘Property value’ (which is also known as ‘Bolig verdi’ in the Norwegian language). The environmental section will reflect the assessor's analysis of whether the housing trends around you are stable or decreasing in value.  

Image Source: Google

The part about improvement is where the assessor observes the general condition of the house. Comments can range from paying attention to improvements such as new roofs, interior paintings or new carpets.  

A page about comparable sales gives you the opportunity to see the right home with the address where your home is valued. You will read how the assessor makes adjustments to the value of each house related to the area, space, garage, lot size and a number of other line items to arrive at the bottom line.  

These are just a few important things from the assessment. In the backyard, there will be a photo of the house and the possibility of a comparable photo of the house. Appraisers will go deeper in terms of environmental descriptions, additional features of the subject's home and how sales comparisons are analyzed.

Tagged , , , , , ,