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Surprising Factors That Can Affect Residential Appraisals

Even though appraisers conducting residential appraisals are well trained and highly qualified to generate useful opinions when it comes to the value of a property, there are real estate agents who most of the time face issues with their clients. All of these issues consist of those that can negatively and potentially impact the value of a desired residential property.

If you are someone who wants to opt for residential appraisals, know that there are some factors that can affect the procedure entirely. As an outcome, you might not end up selling or purchasing a residential property no matter how much you try. In addition to this, you might have to wait for some time and then opt for appraisals again. Henceforth, in order to avoid these situations, it is essential that you get familiar with the factors impacting residential appraisals. Keep reading ahead and determine the same.

Factors impacting residential appraisals

  • The Odor: There is no denying the fact that cigarette smoking is a lot more than a health hazard. The odor can surely impact the value of the property and its ability to sell and purchase. Apart from smoking, strong cooking spices, dampness, and pet smell can also give rise to low sale and purchase rate. All of these smells are a big deal breaker to a potential buyer and seller because it is not easy to get rid of these odors in a small period of time. Therefore, make sure to get rid of such odor by either replacing the carpeting. However, know that such upgrades are expensive. So make sure to have sufficient funds to get started.
  • Neighbors: Nobody likes annoying neighbors. Bad neighboring residential properties, consisting those with ill mannered pets, bad maintained property, unwanted interference, etc, can simply drive down the value of a residential property in a blink of an eye. According to the professionals, the value of a home can be lessened to five to ten percent because of neighborhood problems. Therefore, before opting for residential appraisal service make sure that there are no neighbor issues for a property you are planning to purchase or sell. The same goes for commercial appraisals service also, with the only difference being a commercial property is taken into consideration.
  • Landscaping: There is no denying the fact that curb appeal plays a crucial role when selling a residential property. This is because the potential buyer’s first impression on the landscaping can surely impact the overall value of the property. According to the experts, only landscaping accounts for eighty five percent of what buyers actually take into consideration when seeking a home. When determining the value of a property, an appraiser may also check the landscaping and compare it to similar properties. If the landscaping is outdated, the appraiser will obviously prepare the appraisal report accordingly.
  • Disaster and death: Sites of events, including killings, suicides, and hauntings are basically known as “psychologically stigmatized” by the professionals who have immense experience and skills in valuing residential properties. If the property has or still experiences any of the above mentioned issues, there are high chances that the overall value is impacted.

All of these factors impact the residential appraisals procedure. Therefore, keep all of them in mind the next time you opt for the process so that you get the right deal and things work in your favor.

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