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Property Appraisal
A property appraisal is an estimation of how much a piece of real estate is worth in the current market. When buying or selling property, an appraisal is an important tool for setting the initial selling price or for negotiating an offer. The appraiser will estimate the price based on multiple factors, including the property’s characteristics and condition, location, current market trends, and by running comparative market analysis, which uses the data on similar properties sold within the last 90 days.
What Affects My Property Appraisal?
- The size of the property: Overall lot size, the size of the main and additional structures, and the size of outdoor areas.
- The number of bedrooms: The number and size of the bedrooms, as well as their amenities, can add to the value. Such amenities may include an ensuite, walk-in closet, etc.
- Updates and Improvements: An older feeling building is less likely to be in demand than a more modern styled one.
- Property Location: Do you have a beautiful view? Are good schools nearby? Is there heavy foot traffic?
- Additional Factors: Many factors can affect the overall value of your commercial or residential property. To schedule an appraisal appointment with Fairview Home inspections, click here.