What is a home appraisal?
A home appraisal is a survey of a home by a professional for their opinion of the property market value. In most cases an appraisal is done for a bank when a home is being approved for a loan for the home buyer.

 

Who is an appraiser?
Appraisers are licensed by individual states and are held to strict ethical standards. Appraisers are the third party whose purpose is to give their opinion of the market value of a home. Ideally the appraiser should not be connected with anyone involved with the home transaction.

 

Who picks the appraiser?  
When an offer is made on the house the appraiser will normally be determined by the lender. The lender may have their own appraiser or contract with an independent party. Sometimes the bank will allow the seller to choose an appraiser, but only when that appraiser is already well known to them.

 

Can the seller get their own appraisal done?
Yes. The home seller may commission their own appraisal before selling the property to determine cost. However, this will cost anywhere from $300-500 and the bank most likely will not accept this appraisal but request another to be done by their own contact.

 

Note: An appraisal is not a home inspection! Appraisers only look for major concerns, they do not examine the home’s full condition (i.e. examine the roof, appliances, etc.). For this reason a home inspection should still be requested by the home buyer before purchasing the home.

Please click on the link below to download and print your copy of the Appraisal Guide.

Labrousse Appraisal- Game Changers

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Listed here are value adjustments appraisers will make for upgrades and improvements to a home that have occurred within the past 2 to 3 years. (Please note: cost does not always equal value, just because it $2,000 to re-carpet your home doesn’t mean it adds $2,000 in value, compared to another home that has older carpet!)

 

Game Changers

New roof $1,000-$4,000
New furnace $1,000-$2,000
New air conditioner $1,000-$2,000
Fresh interior paint $500-$2,000
Fresh exterior paint $500-$1,500
Updated bathrooms $500-$5,000
Updated kitchen $750-$10,000
New carpet $500-$2,000
New vinyl $200-$750
New tile $500-$2,000
Screened porch $2,000-$4,000
Sunroom $2,500-$8,000
Wood deck $1,000-$2,500
Finished basement $2,000-$15,000
Fenced yard $500-$4,000
Island kitchen $500-$4,000
2-story entry $1,000-$2,500
Built-in bookcases $500-$2,000
Garden bath $1,000-$2,000
Garden bath with jets $2.000-$3,500
Additional garage bays $3,000-$5,000
Swimming pool $5,000-$15,000
Number of bedrooms $3,000-$5,000
Number of baths $1,500-$4,500
Number of fireplaces $1,500-$3,000
Lot factor $1,500-$20,000

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