When you’re buying a Main Line home for sale, your lender will require you to pay for an appraisal – but what does an appraiser look at, and how does it affect your purchase?
What Does an Appraiser Look For?
An appraiser, hired by the bank on your behalf, looks at the size of the property, the condition of the property (exterior and interior), and home improvements and additions.
Size of the Property
A home’s value hinges on the lot size and the square footage, so your appraiser will look at:
- The number of rooms
- The square footage of each room
- The lot size
- Outdoor living space
He or she will compare the home you want to buy to other homes in the area to get a good value per square foot.
Condition of the Property
A good appraiser is looking at more than just size – he or she is evaluating the quality and condition of the entire property. Your appraiser will examine windows and doors, walls, floors and the home’s major systems (like HVAC, electrical and plumbing) to see what condition everything is in.
Home Improvements and Additions
The appraiser will evaluate improvements and additions that the homeowner has made and, if possible, add them into the value of the home. Things like thermal windows, skylights and solar panels, fireplaces and security systems can all be counted in this part of the appraisal.
Are You Buying a Home for Sale in a Main Line Community?
Call us at 610-608-3119 or get in touch with us online to talk about what you need – we’ll help you find it.
While you’re here, check out our:
- Gladwyne homes for sale
- Lower Merion homes for sale
- Radnor homes for sale
- St. Davids homes for sale
- Tredyffrin homes for sale