The Home Appraisal Groups first goal is to inspect the home with the goal of learning its current state. It is our job to physically inspect all parts of the property including amenities, number of bedrooms and bathrooms and anything else relevant to the property. We must make sure each element is in the home and assess the condition of each. To ensure that the size is correctly conveyed and to highlight the layout of the home, the inspector may create a sketch of the homes floor plan. One of our biggest concerns is to note any defects or problems areas that are detected that might effect the property valuation.
Upon completion of the site inspection, the next step is to apply a few different approaches to determine the actual value of the property. We use a combination of paired sales analysis, a replacement cost calculation, and an income approach to arrive at a final number.