Mortgage lenders in NYC require a licensed property appraiser’s official report on a property before they will write the mortgage check.
Knowing what appraisers look for will help you in understanding what adds and detracts from the value of a property.
Property Size
The largest aspect in NYC related to property size is the square footage and number of rooms. A home with many bedrooms and bathrooms will have extra value since the number of people who can live in the home will be greater.
The Building
The appraiser will take into account the age, condition, location, and the amenities offered in the building. An apartment in a building with a doorman attended lobby, elevator, laundry, and gym will be appraised at a higher value than a building with none of the aforementioned qualities. To the same point, consistently desirable locations have a positive impact on appraisals.
The Interior
The appraiser will look at the materials used in the home, taking into account condition and quality; their condition is very important. The walls, flooring, windows and doors, will be inspected to determine quality and locate any defects or damage. The lighting fixtures and kitchen appliances are also evaluated during an appraisal; their condition will have an influence on the appraiser’s estimate.
Extra Features
Amenities that contribute to the comfort and safety of a home will greatly improve the appraised value. Appraisers will take into consideration all the extras that your home offers, such as air conditioning, fireplaces and security systems. Building amenities, such as a gym, tenant lounge, elevator, doorman, swimming pool and parking garage could also increase value and lead to a higher appraisal.
Improvements
Any improvements made to the apartment since the last ownership will affect the appraisal. While inspecting the interior of your apartment, the appraiser will pay attention to upgrades that were made to the kitchen and bathrooms especially. A new oven, stove, sink or bathtub is a big plus when determining the home’s value. Because the appraiser might not notice all the upgrades that you’ve made, it is important to provide him or her with a list of all the improvements before the appraisal starts.
