Appraisal Question

[Jacob A.]

I have an appraisal scheduled for tomorrow on my first flip that's under contract. My question is how does an appraiser determine what's new and what's not? I can't imagine 10 year old windows carry the same weight at brand new windows or a 5 year old roof carries the same weight as a brand new roof. Same with kitchen cabinets, drywall, carpet, flooring, etc. After the appraisal will they ask for a list of upgrades or what? I'm trying to do everything I can to make sure it appraises.

[Steve R.]

As previously mentioned, provide as much information as possible. As an appraiser I appreciate it when owners give me detailed breakdowns as it makes my job a heck of a lot easier. Also feel free to include in your info packet any comps that you used in your analysis. I would say try to chat up the appraiser about the local market, because many times you can immediately tell if you have someone who is not from the area or who doesn't do a ton of work in your area. If this is the case, you may want to provide insights into the local market and what forces are driving real estate values. I have taken on jobs in new areas and have been that guy who needed to get up to speed on a new market quickly. Good luck!