The first thing we at Home Appraising Group do is inspect the property in order to learn of its true status. What we will do is physically evaluate the home for what amenities it has, how many bedrooms and bathrooms there are and note the condition and status of the entire property. A number of inspectors choose to create sketches as a way to show the properties actual size, location, layout and floor plan. One of the most import parts of the process is for the assessor to note anything that could affect property value, such as defects or other issues.
After the property has been inspected, we will then apply two or three calculations in order to find the value of the property being appraised. Most often we apply a paired sales inquiry, a replacement cost estimate, and an income methodology if rental properties are prevalent.