What Does a Home Appraisal Include?
If you're buying, selling, or refinancing a home in Philadelphia, Bucks, Montgomery, Delaware, or Chester County, chances are you'll need a professional home appraisal. But what exactly does an appraisal include—and why does it matter?
What Is a Home Appraisal?
A home appraisal is an unbiased, professional opinion of a property's market value, conducted by a state-licensed or certified appraiser. Lenders require appraisals to ensure that the home's value supports the loan amount. But even if you're paying cash or settling an estate, an appraisal offers valuable peace of mind.
Key Components of a Home Appraisal
Here’s what’s typically included in a residential appraisal:
1. Property Inspection
The appraiser will visit the home to assess its condition, layout, and features. This includes:
- Square footage and room count
- Condition of the interior and exterior
- Recent updates or renovations
- Permanent fixtures and improvements
- Health and safety concerns (e.g., peeling paint, roof issues)
2. Neighborhood and Market Analysis
The appraiser researches the surrounding neighborhood to understand:
- Location desirability and proximity to schools, parks, or transit
- Local housing trends
- Zoning and land use
3. Comparable Sales ("Comps")
A core component of the report is the comparison of your home to recent, similar sales in the area—usually within the past 3–6 months and within a close radius. Adjustments are made based on differences in size, condition, features, or location.
4. Final Appraised Value
The appraiser compiles all data and analysis into a formal report and assigns a final market value. This report is typically delivered to the lender (or client) and can be used for mortgage underwriting, tax appeals, estate planning, or legal proceedings.
Why It Matters
An accurate appraisal protects all parties involved in a real estate transaction. It ensures the buyer isn’t overpaying, the lender isn’t overextending, and the seller understands the market value. In legal matters such as divorce or probate, a certified appraisal carries the weight of a neutral, professional assessment.
Serving Southeastern Pennsylvania
At J Graham Appraisals, we provide certified residential appraisal services throughout Philadelphia, Bucks County, Montgomery County, Delaware County, and Chester County. Whether you're working with a lender, planning an estate, or buying with cash, we deliver timely, USPAP-compliant reports you can trust.
Need an appraisal? Contact us today to schedule a professional home valuation in your area.