Humble Texas Real Estate Appraisals

It’s certainly a consideration. If a home adjacent to yours is ran down, this may affect the attractiveness of your property in the view of the potential parties. If this is the reality then the appraiser would note it an external obsolescence, which is a detrimental attribute. Because it is nearly impossible to decide a dollar value for this type of obsolescence, a property appraiser will typically simply make note of it within the report.

This depends on how the floodplain impacts utility of the property and if there is chance for damage to structures due to a flood. For instance, if just a small section of your lot is located in the flood hazard and it will not influence entry or structures, it will have a reduced affect on the value. Conversely, if the house or buildings like garages and driveways are in danger of being flooded then it will have an affect on the house’s value . In either scenario a real estate appraiser must analysis other houses with equivalent flood areas and calculate the affect such a feature will have on desirability.

The appraisal is a research heavy method whereby the appraiser reviews general and specific information, distills applicable information, and uses this in his or her review to calculate an opinion of value. The process has six key milestones which include: defining the the problem, initial survey and appraisal plan, data retrieval and analysis, application of the 3 approaches to value, reconciling the value, final opinion of appraised value. The key stages of this procedure requires the application of the 3 approaches to value consisting of the Market Data Approach, the Cost Approach and Income Approach. The appraiser’s final opinion of value is decided by reconciling the approaches used in the report and placing the most weight on the most applicable approach. In most situations, the market data approach is the best indication of homebuyer and home seller desires in the market and relied upon heavily in residential appraising.