A real estate appraisal is an unbiased, professional opinion of what your Las Vegas property is worth. It must be completed by someone who is qualified and licensed in the state of Nevada. The results help determine the asking price for your home and also makes sure that buyers aren’t overpaying.
Of course, you want to get the most out of your home, so it’s important that the appraisal goes smoothly. Some factors are in your control and others are not. Let’s take a look at the top nine things that can hurt your home appraisal.
1. Structural Damage
Any ongoing structural damage will definitely hurt your appraisal. And don’t think you’re going to fool an appraiser! They’re trained to look for signs of structural damage such as cracks in the walls or ceiling.
2. Incomplete Home Renovations
Incomplete home renovations will negatively affect your appraisal because buyers want move-in ready homes. They don’t want to have to clean up after a project the previous owner started. Before listing your home for sale, make sure all projects are completed.
3. Poor Curb Appeal
Yes, curb appeal does impact appraisals, even though it can be easily changed. Nevertheless, first impressions are everything, so appraisers are trained to look at your home from the street.
Appraisers try to look past messiness because it usually doesn’t affect the quality of the home. However, a messy home may indicate that it’s not well taken care of. If this is the case, your home could appraise lower. Plus, mess sometimes hides rot, waste and water damage.
5. Overly Personalized Improvements
You can easily take down family portraits and knick knacks, but overly personalized improvements like a pink bathroom or green cabinets are there to stay. Therefore, they can hurt your appraisal. Neutral homes that appeal to the masses tend to appraise for more.
6. Current Market Conditions
The current market conditions in Las Vegas are a huge factor because appraisers must look at what homes in the neighborhood are selling for. Since the housing market is always changing, your home could appraise for more or less depending on the time of year.
7. Undesirable Home Location
Location is another major factor for appraisers because location is everything! Buyers prefer homes that are located in good neighborhoods with strong schools, low crime rates and accessibility to shopping and entertainment. These homes will appraise higher than those in rural areas.
8. Old or Outdated HVAC System
The appraiser will likely ask about your HVAC system. This is an expensive system, so buyers usually aren’t on board with replacing it when they move in. Plus, Nevada is hot, hot, hot in the summer, so most buyers expect central systems.
9. Bathrooms, Bedrooms and Square Footage
The number of bedrooms and bathrooms will influence your appraisal, though it depends on the area you live in. For example, a one- or two-bedroom home is probably not going to be desirable in a suburban neighborhood, but it will in the city. As for square footage, appraisers look at the total number as well as how the space is used.
Don’t Want an Appraisal? Sell Your Home Fast in Las Vegas Instead!
There are many other factors that go into a home appraisal, but these are some of the most significant. They’re also (mostly) ones that you can control, so take some time to go through the list and make the appropriate updates.
If you believe that your home will appraise low, consider selling your home for cash instead. Appraisals aren’t necessary in cash sales so you can skip over this process and still get top dollar for your home! Contact We Buy Any Vegas House to get your free cash offer.