What determines Appraisal Value?

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There are many factors which affect the appraisal value of a home. You can have a mansion in a run down neighborhood and the appraisal value would be relatively low. There are different methods used to calculate the value of the home. One such method is the cost method, which is how much it could cost to build an identical home at that moment. The comparison approach takes the property value of similar homes in the area and uses those to compare it to your subject property. The appraiser goes into your home to take pictures because he needs to make sure that the interior matches the exterior. A good looking home with all of its walls knocked out and bad plumbing will not appraise for very much. All the factors are taken into consideration when the appraiser comes up with his/her final number to determine the value of your home.

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