The job of a real estate appraiser such as quadwalls.com is to examine and analyze the condition of a property. This is done carefully, accurately, and professionally. Many homeowners think that a simple search on the internet or a conversation with acquaintances is enough to assign the price of the property they want to sell. But this causes amateur pricing and is full of bias.
The evaluator’s role is to bring impartiality and professionalism to the process to optimize the transaction for both the seller and the buyer. For this, the expert must use the property valuation criteria standardized by the government. This body guides the criteria used when evaluating a property. Engineers or architects usually issue real estate appraisal reports.
What Are The Real Estate Appraisal Criteria?
Several factors impact the value of the property or its devaluation. (As we mentioned in the post about property price). ABNT guides the evaluation criteria, resulting from a marketing, technical and probabilistic analysis of the property and the region. Understand below:
Neighborhood Infrastructure Criteria
These pertain to:
- Means of transport passing through the site
- Paving or paving the street
- Basic sanitation present in the region
The property’s location is one of the factors that most impact the appraisal report. Whether for sale or rent, the better the property’s location, the more valued the property is.
Is it a place with access, such as highways, asphalt, and public transport available? Are there private schools around? Is it close to shopping centers, leisure, and other essential addresses? If so, the property has a higher market value.
Property Structure Criteria
In this part, the real estate appraiser notes:
- The finishing standard of the property
- Conservation data
- Number of rooms
- Sizes of environments
- The type of coating used
- The property typology (house, apartment, land, etc.), compared to its state of conservation and the previously defined standards. Realize that evaluating a property is a statistical and impartial process. So, what defines the property’s value is the real estate evaluation criteria. This standardizes negotiations and brings benefits to both the seller and the buyer
Use Real Estate Appraisal Criteria To Your Advantage
So far, you have understood what it is, who does it, and what the importance of real estate appraisal is. It is the first step of a real estate transaction. Through real estate appraisal criteria, it is possible to arrive at the due price of the property. This makes selling the property such as Homes for Sale in Crown Point Indiana for example sale less time-consuming. Now that you understand how to use real estate appraisal criteria to your advantage share it with someone else who has questions about it. If you have any questions, we are happy to assist you.