A home appraisal is an objective professional opinion of your house’s current market value. You need to get an appraisal to establish a starting price range for selling your house. The appraisal is more accurate than what buyers will pay for your property. So, it helps you set realistic expectations for the property.
If you are in a situation where you need to sell your house fast in Louisville, an appraisal can help you sell your house at a price both you and the buyer can work with. A cash sale allows you to lower the house price and avoid selling expenses. It also allows the buyer to offer a fair price, hopefully creating a win-win for both parties.
What Do Appraisers Look for in a House?
There are several things that appraisers look at when assigning value to a house.
The Structural Integrity of the House
A home appraisal is similar to a home inspection in that the appraiser assesses the house’s overall condition. The appraiser evaluates key elements of the house, such as
- Living area square footage
- Garage and driveway
- Overall property condition compared to neighborhood standards
- HVAC, plumbing, and electrical systems
- Floors, walls, and trims
- Appliances
- Roof and exterior walls.
- Windows and doors
- Outdoor amenities (pool, patio, fireplace, deck, etc.)
- Foundation, attic, basement
The appraiser will also look at how energy efficient the house is. How much will it cost to maintain the house month to month?
Home Improvements, Upgrades, and Additions
A home could bump your home’s market value. Updated kitchens and bathrooms have a significant impact on the value, as these are the areas in which a buyer would spend most of their money if the house needed updates. The appraiser considers these when assessing your resell value.
An appraiser will look at an air conditioner and they’ll see its age. If the air conditioner is a recent replacement, they are likely to bump your home’s value. Keep in mind that not all home improvements add value to your house. For example, an in-ground swimming pool doesn’t add value because of the maintenance it requires. Porches and decks do not add much value either.
Location
Your home appraisal value is based on location. Neighborhoods impact the value of your home. If you have a large lot in the back of the neighborhood, it will be worth more than the corner lot parallel to the main road.
What makes a great home location? Here are a few factors that may increase your home appraisal value from a good location:
- Low crime
- Highly-rated schools
- Near hospital, fire station, and police station
- Walkable
- Well-maintained roads, street lamps etc.
- Nearby homes are mainly owner-occupied, not rented, foreclosed, or for-sale
- Located in a suburban neighborhood, about 20 to 30 minutes from a large or mid-sized city
- Not located on a busy road
Do I Need an Appraisal to Sell My House in Louisville?
If you do a traditional home sale and list your house on the market, an appraisal is needed to establish a price point. You also need to defend your price. An appraisal can support your decision.
If you bypass the market and do a private real estate transaction, an appraisal may not be necessary. You and the buyer simply agree on a price and close the sale. Remember, however, that you are likely to sell the house below market value in a cash sale since you are working with a company that buys houses in Louisville.
The good news is that you don’t pay for repairs or upgrades. The buyer may also agree to pay up to 100 percent of the closing costs. So, you may gain back by paying virtually zero costs what you lose at a lower price.
Get a Cash Home Offer Today From We Buy Real Estate
If you need to sell your house but can’t find a buyer on the market, we can help. We Buy Real Estate can buy your house as-is and pay cash. Sell your house fast in as little as a week. Call 502-458-2722 to get a fast cash offer.