Home appraisal, what factors can affect it?
An appraisal is a document in which the value of a real estate is entered and that has a duration of 6 months, however, in the period of time that the appraisal lasts, there are factors that can affect the value of the home. and that they can modify the validity of the home appraisal since this value is modified.
For this reason, it is important that you know those factors that can make the price dictated in an appraisal invalid and that can make it lose its validity.
Extensions in the house
Making a modification to the original plans or extending any section of the house in the period of validity of the appraisal causes it to lose its value, since when making modifications to the home, the characteristics that were observed and considered to establish the value of the property are lost. property.
Damage due to natural reasons in the house
A natural phenomenon that affects the home, such as floods, earthquakes or hurricanes, can cause the document that had been prepared to lose validity since it does not consider damages after the date on which the appraisal was carried out.
Situations around the house
Since the appraisal also performs an expert opinion on the area where the property in question is located, it is important that the area does not undergo changes in the period in which the appraisal lasts, since when the area or streets adjoining the house are affected You can change the value of the property.
However, these changes would have to be radical or permanent, as in the case that bridges are built or avenues are modified or that basic service problems begin to exist.
Problems with utilities
There are times when public services in the area undergo severe modifications or begin to malfunction, so the value of homes in the area may be affected and this may change the value of the home, especially in situations where the sewage service no longer works, there are constant bad smells, there is no water in the area or other issues.
What is the duration of a real estate appraisal?
The toreal estate valuations They are valid for a period of six months, as long as the home is not affected by any of the situations mentioned above, so this document can be used as a check of the value of the property before any procedure that is required. perform, this because its validity is legal.
The term of a home appraisal can vary depending on the country, local regulations, and the policies of financial institutions, but in general, the term of an appraisal is established to ensure the accuracy and relevance of the valuation at the time which is used, as discussed in some cases, home appraisals are valid for six months to a year, after that period, an appraisal update may be required to reflect current market conditions and any relevant changes in the state of the property.
It is important to note that mortgage lenders and financial institutions may have their own internal policies regarding the validity of appraisals, some lenders may accept older appraisals, especially if the real estate market is stable and there have been no significant changes. on the property or on market conditions.
However, in situations where mortgage financing or a real estate transaction is required, it is advisable to obtain an updated appraisal to ensure that it reflects the most accurate value of the property at the time of the transaction, as this provides a more accurate and up-to-date assessment. up-to-date value of the house, which is essential for the buyers, sellers and lenders involved in the transaction.