ANSWERS: 1
  • Appraisers estimate the value of a house by various methods, including examining its condition, style, unusual or special features, and gauging its future value.

    Condition

    Appraisers examine the condition and quality of the property. They look at structures like the roof and the foundation to arrive at a final estimate of value.

    Features

    Appraisers also note the style of the house, as well as any unusual features or modifications that may affect its desirability and selling price.

    Comparative Value

    Their familiarity with values and selling prices of comparable properties in the local community help appraisers value a given house. They may consult public records and previous appraisals.

    Location

    The location of a house affects not only its current selling price, but its future potential. Appraisers take into consideration its proximity to schools, shopping, and workplaces.

    Appraisers vs Assessors

    An appraiser produces reports that determine selling price as well as allowable loan amounts for a house. An assessor values all properties in a given area rather than individual houses for various reasons, such as property tax purposes and estate settlements.

    Source:

    Realestateexpress.com: What does a Real Estate Appraiser Do?

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