How long after the home inspection is an appraisal?
Are you planning on selling your house or your property? Do you need assistance in knowing its current market value? Talk to the experts at One and Done Home Inspections, the best Home Inspection company in Mt. Pleasant, NC. With the help of our skilled and professional local home inspection team, we can provide a convenient way to get all your home inspection needs done at the same time.
What is a home inspection appraisal? Mainly, homeowners want to know how much the market value of their property is. Our team of appraisers can evaluate the property and derive conclusions about its fair market value through home inspection appraisal. This process is a very crucial moment for homeowners, sellers, and buyers. This can even break an agreement or transaction between one party and another. But the question is, how long does a home inspection become an appraisal?
The duration of the appraisal process might take time to be done since it will depend on the size of the property, the method used by the appraisers, and other essential things. On average, it might take two working days to a week for it to be done. To further know the period of the home inspection appraisal, let us know its process.
Property Inspection Process
Before any decision or appraisal is made by the appraisers, of course, they need to evaluate the property first and study its pros and cons through a property inspection process. This is when the home inspectors and appraisers will examine the physical structures and components of the property. This might include inspection of the home exterior like the outside condition, quality of construction, landscaping value, size of the lot, curb appeal, and parking area. The home interior inspection can cover the interior’s condition, functional layout, building codes compliance, number of rooms, flooring, windows, furniture, countertop finishing, square footage, heat and cooler system, ACs, and ventilations. For a more concrete report, home inspectors and appraisers can also include information about the area or location of the property, the crime rate in the area, the distance of the property to different amenities, zoning classifications, and renovations or home improvements records. These things are necessary for evaluating the property’s entire market value. Including these components in the home inspection report will also be a great tool to encourage buyers to purchase the property, especially if the appraisal is relatively higher than what you’ve expected.
Comparing Home Values
To measure the property’s value, appraisers tend to compare properties with similar characteristics in the market. This process might take a few hours or a day to develop an excellent comparable assessment report. If you have a unique property, the appraisal process might take some time to finish because the appraisers might look beyond your property characteristics, which also needs a lot of thorough evaluation. To estimate the property’s market value, appraisers will focus on sales, income capitalization, and cost. Appraisers will compare your property to similar properties sold in the same market by adding and deducting their similarities and differences. On the other hand, income capitalization is a method used by appraisers where the generated income of the property is the measuring tool used in knowing its market value. In contrast, the cost comparison process is mainly used to evaluate unique properties by building a property replica and measuring the cost incurred.
The last step in the home inspection appraisal process is the appraisal report. This will conclude the property’s market value in terms of its condition, amenities, components and features, comparable report methods, and sales data. Our skilled home inspectors in appraisers can give you the detailed appraisal report and result to understand the derived appraisal value of the property entirely. The appraisal report should be well delivered through the homeowners, buyers, and sellers since this will significantly impact the transaction agreement between parties.
To achieve the best market value of your home, you have to give it a sort of background check and inspection process. Luckily, One and Done Home Inspections provide various home inspection services that cover a lot of property inspections like home inspection, HVAC inspection, septic inspection, and many more. For more inquiries, give us a call or schedule an appointment with our top-certified home inspectors. Grab your phone and call us now!