When you are preparing to buy or sell a property you probably have a set price in mind for what you would like to spend and what you would like to get for your property. Despite all of the preparation you do yourself, a mortgage lender always needs an objective assessment on a property from a third party in order to ensure the proper loans are approved. Enter the home appraiser.
Appraising a home, especially in a large metropolitan area such as Washington, D.C., can be difficult work. Many factors go into an appraiser’s work on a property, and although an appraiser may often look at the same aspects of a home that buyers or sellers look at as well, there is a much more intricate thought process behind what they see and what that means for the home’s value.
In addition to location, here are a few home features that appraisers pay close attention to in Washington, D.C. condos:
Property Size
Most likely, the first check on an appraiser’s list is the overall size of the property. Another aspect of the home itself that appraisers look at is the number of rooms. A property with more bedrooms and bathrooms is more valuable because it allows for more people to live there. An appraiser may also look at a condo’s floor plan.
Homeowner’s Association
Condo appraisal in one major component: Homeowner’s Association fees. Appraisers take into consideration the monthly utilities included in the HOA fees and what amenities are featured. Additionally, appraisers will take into consideration the amount of units in the building are rented out, considered to be second homes and owner-occupied.
Interior
The appraiser will also inspect the interior materials used in the construction of the home, gauging their condition. This includes the walls, flooring, windows and doors. Lighting fixtures, kitchen appliances and plumbing are also assessed to make sure the home is up-to-date with current building codes.
Extra Features
Those special features that are appealing to home buyers are just as appealing to home appraisers. Amenities within the unit, such as air conditioners, fireplaces, security systems and smoke detectors make the home a safer and more comfortable place to live. As a result, they also make the home’s value increase. Additionally, features and amenities that are not within the unit but available to its occupants can increase the condo’s value.
Improvements
If you’ve lived in your home for a long time and made significant upgrades such as kitchen and bathroom appliances and features, this will help to increase the value of the home. Since these improvements aren’t always easy to perceive, it would be wise to provide the appraiser with a list of the work you’ve put into the home prior to the assessment.
If you are interested in Washington, D.C. condos for sale, please contact our team today. We’d love to help you navigate the array of homes on the market and find the perfect property.
http://www.thecondohub.com/blog/what-appraisers-are-looking-your-washington-dc-property
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