Residential real estate is an important field that deals with the buying and purchasing of a variety of residential properties. Residential appraisers are highly trained professionals that focus on appraising many different types of property for residential purposes.
What does a residential appraiser do?
Residential appraisers perform appraisal tasks on homes or other residences that house from 1 to 4 families. They appraise properties to determine the value for sales, purchase, mortgage, loan, and investment purposes. They take a variety of factors into consideration such as income potential, value comparisons of similar properties, replacement costs, and depreciation. They also assess the neighborhoods, land, and surrounding areas and take trends or potential changes into consideration. Residential appraisers measure properties and inspect the condition, design, construction, and special features. They also search public records for additional information such as previous assessments, leases, and sales. Residential appraisers are also responsible for preparing detailed appraisal reports and they often take photographs and draw land diagrams to support their conclusions.