Factors Impacting an Appraisal
Consider these often overlooked factors that can negatively impact your home’s appraised value.
Older homes often have unusual floor plans that don’t align well with the way people live today. Buyers tend to prefer modern, spacious layouts and may be turned off by plans that require walking through one bedroom to access another.
A house located in a less populated area may appraise lower because there simply aren’t enough comparable properties that have sold recently. Similarly, a property in close proximity to an eyesore (poorly maintained or vacant house) or earsore (train tracks) may negatively affect the appraisal.
Remodeling and Additions
Home improvements completed without the necessary permits can also hurt an appraisal. For example, a finished addition may not be counted as living space by the appraiser if it’s not up to code.