If you are on the market to buy or sell a home, then you surely must have heard about real estate appraisal services. Through this service, you get a chance to estimate a property’s market value with the help of a licensed appraiser.
Many people ensure to keep their property on point so that they receive a good value; however, they do not realize that apart from a few cosmetic changes, many other factors drastically affect the appraisal value.
Let’s see what these factors are.
1- Bad neighbors:
This factor is somewhat totally out of your control, but we are sorry to break this news. The surrounding homeowners, their property, and their activity play a massive role because, at the end of the day, no one wants to stay in a neighborhood with bad neighbors. If your neighborhood has a person with a negative public record, then chances are you will also suffer the consequences in the form of lower market value.
2- House’s functionality:
The living trend is evolving year by year, which means the new buyers are searching for houses that get packed with multiple functions, like extra bathrooms, a pool that is accessible, and is located in the right spot. Also, if your home has an unusual floor plan with smaller rooms, you can see a drastic drop in overall value.
3- Bad location:
A property’s location has the most significant effect on market value. So, if your property is located near a junkyard, toxic waste facility, railroad tracks, a highly busy street, then you can notice a severe impact on the appraisal value. In simple terms, an aspect that adds unpleasant view, smell, or sound has a negative effect on the property’s value.
Bottom line
So, if you think that even after investing so much time and money in your property, the final appraisal outcome was somewhat unfair, then there is a possibility that these factors were the reason.
Connect with reliable complex appraisal services in San Diego county to collaborate with a team of experts.