Surprising Factors That Can Affect A Home Appraisal

Oct 10, 2024

9-minute read

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To secure a mortgage, a home appraisal is usually necessary to determine the property’s value.

This step ensures that the lender isn’t lending more money than the home is worth. However, there are four surprising factors that can affect a home appraisal. If the appraised value falls short of the expected amount, it can lead to complications that may even put the home sale at risk of not happening.

Understanding factors that can negatively and positively impact a home appraisal is essential when buying, selling or refinancing a home.

What Is A Home Appraisal?

A home appraisal is a process that determines a home’s fair market value. It consists of a certified third-party appraiser reviewing the home, assigning it an appraised value and then comparing it to other homes in the area

An appraisal is typically required by the lender when someone is using a mortgage to purchase a home or refinance their current mortgage.

A home appraiser will typically take pictures of each room in the house. This helps them provide a visual of the property being appraised. That way, the appropriate parties will have a better understanding of each room’s condition and features when they review the report.

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