I am often asked, when doing appraisal inspections “Do you count X when you do appraisals?”. The simple answer is that we make sure to look at all the factors that a buyer of that property would be thinking about. Here are a few of the most important factors that affect the value of homes from an Chicago appraiser’s perspective.
Location or Neighborhood
In Chicago the neighborhood that you reside in could affect the value of your home. The location of your house’s access to nationwide property and appraisal services public transport (CTA as well as Metra stations). In addition to eating establishments, shopping, stores, schools of high quality parks, and so on all influence the value. In contrast, living in a spot where noise pollution is a problem can have an impact on the value of your house (directly near railway tracks, along an affluent street near an oil station or a gas station, etc.) Es war einmal in Deutschland 2017 movie download
Gross Living Area (GLA)
GLA can be defined as the totality of living space that is at least 100 percent. Above the grade (Gary Kristensen has written a fantastic essay as well as a video that explores more details). The value of a square foot is decided on a case-by-case basis, based on various variables.
Condition or Effective age
The age effective of the house will be determined by its level of work. That has been done or the overall state. For instance, a house built in 1955 might have a 10-year. Effective age if the house has had a recent commercial real estate appraiser significant amount of work done. Be aware the fact that just because you spent $25,000 to upgrade your kitchen it doesn’t mean that. You will raise the value of your house by the exact amount.
Quality of Construction
This is referring to the materials used to construct the home. And the overall quality of finishes both the exterior and the interior. For example, a completely brick home is different to an aluminum siding home and stucco. Granite countertops as compared to laminate countertops hardwood flooring as opposed to carpeting solid. Core 6-panel internal doors versus hollow flat panel doors with a flat core and so on.